Council approves reduction of Tranquility Phase 2 performance bond to cover remaining work

The City Council approved a developer request to reduce the performance bond for Tranquility Subdivision Phase 2 so the bond covers only the remaining uncompleted landscaping and irrigation.

Planning staff member Brad Parish told council the subdivision previously posted a $4,600,000 performance bond accepted Jan. 9, 2024. "The developer has requested a reduction of the performance bond to cover only the remaining unencumbered uncompleted improvements consisting of landscaping and irrigation," Parish said, and staff confirmed that code requires a bond equal to 120% of the value of unconstructed improvements, which staff calculated at roughly $551,000.

Gary Allen, representing the developer (Sunbelt Land Management), attended to answer questions and told council he was available if any details were needed. After limited discussion Member Nelson moved to approve the reduction consistent with staff's review; the motion passed on a roll call vote with all members voting in favor.

The council did not change sidewalk performance-bond requirements, which Parish said will remain in effect until sidewalk infrastructure is completed. Staff will reflect the new reduced bond amount in the city's records and provide the finalized figures and legal documents to the clerk.

Why it matters: the decision reduces the city's financial hold on the developer to the portion of unfinished improvements staff verified by inspection, with the goal of matching bond coverage to actual remaining work while protecting taxpayers against incomplete infrastructure.