Subject:
Title
Onondio Cove Subdivision Partial Bond Reduction Request
Body
EXPLANATION AND SUMMARY:
Swan Homes, LLC has requested a partial bond reduction for completed public improvements associated with the subdivision located at 920 Ninovan Drive SE. The completed public improvements have been inspected and approved by the DPW engineer.
DPW recommends the surety amount be reduced from the original $781,643 to $347,143, which will be held until the remainders of public improvements are completed.
Departmental Recommendation: Recommend approval of partial bond reduction.
Finance Recommendation: Recommend approval.
Purchasing Recommendation: N/A
Town Attorney Recommendation: Upon recommendation from the Director of Public Works, Town Council may authorize and approve the proposed partial bond reduction in its discretion.
Town Manager's Recommendation:
Cost and Financing: N/A
Account Number: N/A
Decision Needed by This Date: N/A
PROPOSED/SUGGESTED MOTION
Recommended Action
"I move to approve a partial public improvement bond reduction for the Onondio Cove subdivision to a surety amount of $347,143 to be held until the remainders of public improvements are completed."
Or
Other action deemed necessary by Council.