Title
Release of financial guarantees for Stoneview
Body
SUMMARY:
In two previous plats, Stoneview Phase I Unit I and Stoneview Phase I Unit II, financial guarantees were provided, in the form of certified checks, totaling $34,100.00. Since the overall stormwater designs were required to change, by TDEC, the original designs for the guaranteed stormwater structures were not going to be needed. However, since they were not built, the Planning Commission could release the financial guarantees, without re-platting. City staff met with the developer and the best course of action was decided to wait till the next phase was complete, which will include two constructed detention ponds and will provide coverage for the entire development. Once that phase was submitted and approved, the Planning Commission could release the financial guarantees being held for previous phases.
STAFF RECOMMENDATION: Release the financial guarantee
Recommended Action
NECESSARY PLANNING COMMISSION ACTION: release the financial guarantees in the form of a check