Release of Performance Bond for Fox Glen Subdivision

Original title: Adopt Resolution and Release Performance Bond: Fox Glen Subdivision - District 1 Developer: D.R. Horton, Inc.

Record date · July 9, 2024

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What This Bill Does

The local government has officially adopted a resolution to release the held for the Fox Glen Subdivision in District 1. This action concludes the financial security requirement for the developer, D.R. Horton, Inc., regarding the project's infrastructure.

Why it matters

The release of a signifies that the city has verified that the developer has completed required public infrastructure improvements, such as roads or utilities, to local standards.

Who It Affects

Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.

Directly affected

D.R. Horton, Inc.

The developer is no longer required to maintain the financial security bond for the Fox Glen Subdivision infrastructure.

Directly affected

District 1 Residents

Residents in the area are impacted by the finalization of public infrastructure improvements within the subdivision.

Key Facts

The resolution to release the performance bond for Fox Glen Subdivision has been adopted.
The project is located in District 1.
The developer of the project is D.R. Horton, Inc.
The resolution was introduced on June 18, 2024.

Show all 6 facts

The action was processed as a consent item.
The Public Works Department is the sponsoring agency.

Frequently Asked Questions

What is a performance bond?

A is a financial guarantee provided by a developer to a local government to ensure that public infrastructure improvements are completed according to city specifications.

What does it mean that the bond was released?

It means the city has inspected the completed infrastructure and determined that the developer has fulfilled their obligations, allowing the city to return or cancel the financial security held for the project.

What else do you want to know?