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Board approves bond reduction for Highland Ridge Townhomes
Summary
The Board approved Bond Reduction No. 10, lowering the performance bond for the Highland Ridge Townhomes project from $3,020,286.28 to $2,861,032.62, recorded as 110% of remaining improvements; the motion carried unanimously.
Board members voted May 19 to approve Bond Reduction No. 10 for the Highland Ridge Townhomes development. The recorded reduction changes the performance bond from $3,020,286.28 to $2,861,032.62, which the meeting minutes state equals 110% of the total cost for remaining improvements.
The reduction was moved, seconded and approved by unanimous roll call. The minutes do not include the engineer’s detailed calculation in the public record; the action was recorded as carried with the stated bond figures.
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