Title
Ordinance Amending the Stormwater Capital Improvement Fund Budget for the Four Chandler Oaks Retention Ponds Project
Body
Department: Water Resources
Council District: N/A
Public Hearing: No
Advertising Date/By: N/A
Contact 1 and Phone: Steven D. Drew, 373-7893
Contact 2 and Phone: David Phlegar, 373-2707
PURPOSE:
The Stormwater Management Division wishes to expend $28,536 from four stormwater performance bonds to reimburse a developer who has contracted to complete the construction of the four retention ponds. A budget amendment needs to be approved by the City Council to permit the expenditure of funds.
BACKGROUND:
Chandler Oaks, a large subdivision near the intersection of Mt. Hope Church Rd and Millstream Rd, is served by four retention ponds. The original developer went bankrupt and the City cashed the four performance bonds totaling $28,536. The current developer is Eastwood Homes, Inc. who has agreed to facilitate the completion of construction and engineering certification of the four retention ponds. The City plans to reimburse this developer out of the performance bond monies in possession by the City.
BUDGET IMPACT:
This will increase the Stormwater Capital Improvements Fund by $28,536. This increase will be funded by a cashed Stormwater performance bond. No City funding is required.
RECOMMENDATION / ACTION REQUESTED:
It is recommended that City Council adopt the attached budget ordinance establishing funding in the amount of $28,536 for the four Chandler Oaks Retention Ponds Project.