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Council declines additional bond reduction request for Hillside Subdivision
Summary
After hearing a developer's request to reduce the bond to free funds to complete off-site water, gas and sidewalk work, the council — citing development-agreement requirements and insufficient assurance that remaining work would be covered — voted to deny the reduction request.
A developer seeking a reduction in the Hillside Subdivision bond presented estimates and said he could complete off-site water work and other items if the council reduced the bond to release funds. He referenced bids and declining material prices as reasons the remaining work could be completed more cheaply than earlier estimates.
Council and legal counsel discussed the development agreement's requirement that bonds or letters of credit remain current and sufficient to cover 110% of remaining improvements. The city attorney cautioned that reducing the bond before work completion could put the city at risk and noted the precedent of requiring bonds to protect taxpayers. "In our development agreement, we are standard... we require actually 110% of the value of the improvements... that is for the city's protection," the city attorney said. After extended discussion and review of estimates and bond totals, a council member moved to decline the additional bond-reduction request; the motion passed.
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