Title
Homestead Junction Financial Guarantee Extension - Escrow Account
Body
SUMMARY: The developers of Homestead Junction have requested an extension for their financial guarantees for the proposed road and temporary cul-de-sac. A miscommunication occurred between City Staff and the developers on when the original agreement expired. Due to the projected completion of the TDOT road project near the Homestead triangle, their intent was to have a two-year agreement. The paperwork itself was only for 1 year. The agreement expired in December 2023. The developers did move forward with a new agreement and request its extension to December 2025. They anticipate completing the project within the next several months and granting a 12-month extension will provide them the cushion of coordinating the earthwork and paving. The money in the escrow account is projected to cover the cost of the completion.
STAFF RECOMMENDATION: Staff recommends the approval of the financial guarantee agreement extension.
Recommended Action
NECESSARY PLANNING COMMISSION ACTION: Approve the extension of the agreement