Title
Homestead Junction - Financial Guarantee Extensions
Body
SUMMARY: The developer of Homestead Junction is wishing to extend their financial guarantees for the Roads and Cul-de-sac for their development. There are two separate Escrow accounts for the development. They have increased the amount of the escrows by the required 10% and have summitted two new agreements. The amount in escrow should be no less than $27,117.20 for the roads, grading, base stone, and paving and no less than $30,032.20 for the temporary cul-de-sac.
STAFF RECOMMENDATION: Accept both new agreements.
Recommended Action
NECESSARY PLANNING COMMISSION ACTION: Two Motions: First motion to accept a new agreement for Homestead Junction roads, grading, base stone, and paving. Second motion accept a new agreement for Homestead Junction temporary cul-de-sac.