Approval of Simmons Village South (Spencer Glen South) Development Plat and Bonds

Original title: Simmons Village South aka Spencer Glen South P1#5942 Accept the plat for recording for Simmons Village South aka Spencer Glen South, located in Section 24, Township 31, and Range 19, and grant permission to the Development Review Division of Development Services Department to administratively accept the Improvement Facilities (roads, drainage, water and wastewater and Phase 2 off-site roads, drainage, water and wastewater) for Maintenance upon proper completion, submittal and approval of all required documentation. Also provide the administrative rights to release the performance securities for construction and lot corners upon final acceptance by the Development Review Division of Development Services Department and also provide the administrative rights to release the warranty security upon expiration of the warranty period, warranty inspection and correction of any failure, deterioration or damage to the Improvement Facilities. Accept a Performance Bond in the amount of$2,060,660.00, a Warranty Bond in the amount of $454,091.00 and authorize the Chairman to execute the Subdivider's Agreement for Construction and Warranty of Required Improvements. Also accept a Performance Bond for Placement of Lot Corners in the amount of $26,550.00 and authorize the Chairman to execute the Subdivider's Agreement for Performance - Placement of Lot Corners. School Concurrency was approved for this project based on a Developer Agreement and a payment of $1,288,124.00 was made on February 5, 2024.