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Council approves Lakeside bond reductions based on GMB recommendations
Summary
The council approved recommendations from GMB to reduce several Lakeside performance bonds for Phases 1A, 1B, 1D and Phase 1 of the wastewater treatment plant; the motion passed unanimously.
James Cook summarized the current bonds for Lakeside and presented GMB’s recommendations to reduce the bonds for Phase 1A, 1B, 1D and Phase 1 of the wastewater treatment plant.
President Newnam moved to approve the bond reductions as recommended by GMB; Commissioner Michael Sullivan seconded and the council approved the reductions unanimously.
The reductions were approved based on GMB’s review; the town will file the reduced bond amounts with the records and proceed according to standard procedures for release or reduction of developer securities.
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