Subject:
Title
409 Beulah Road NW subdivision performance bond reduction request
Body
EXPLANATION AND SUMMARY:
JDA Custom Homes has requested a performance bond reduction for completed improvements associated with the 409 Beulah Road NW subdivision project. Completed improvements have been inspected and approved by the DPW engineer.
DPW recommends that the surety amount be reduced from the original $39,684.17 to $3,968.42, which will be held until issuance of the last occupancy permit, at which time the bond will be reduced to a two-year maintenance bond.
Departmental Recommendation: Recommend approval.
Finance Recommendation: N/A
Purchasing Recommendation: N/A
Town Attorney Recommendation: Upon recommendation by the director of public works, Town Council may reduce the amount of the public improvement performance bond in its discretion.
Town Manager's Recommendation: I recommend the Town Council reduce the current performance bond at the 409 Beulah Road NW subdivision project, as presented.
Cost and Financing: N/A
Account Number: N/A
Decision Needed by This Date: 11/19/2018
PROPOSED/SUGGESTED MOTION
Recommended Action
"I move to reduce the current $39,684.17 performance bond at the 409 Beulah Road NW subdivision project to $3,968.42.”
Or
Other action deemed necessary by Council.