Developer Seeks Partial Bond Refund For Condo Complex

At an August 2 session, P&Z members discussed a request from a local developer for a partial refund of a construction performance bond, which was posted to cover physical improvements at an ongoing multifamily construction project.

Such bonds are posted by developers to ensure that planned construction work is accomplished.

P&Z members are considering a request from Toll Brothers, Inc, for a partial refund of a performance bond that the developer posted for its 54-unit Regency at Newtown age-restricted condominium complex now under construction off Oakview Road.

The developer explained that most of the construction work specified by the performance bond has been done. With a partial refund of the bond, the developer could use those funds elsewhere.

Attorney Robert Hall represented Toll Brothers at the session. He was accompanied by Toll Brothers’ senior project manager Dan Walton.

P&Z members discussed the methods that might be used to calculate the amount of a partial bond refund.

The P&Z is expected to act on the request at an upcoming session.