Developer seeks to reduce Sky Ridge financial assurance from $600,000 to $450,000; staff says performance acceptable

Peter introduced a request from Hillsview Homes to amend the existing development agreement for the Sky Ridge subdivision, asking to reduce the required performance financial assurance from $600,000 to $450,000. "Hillsview Homes has requested to amend that to change the required financial assurance from 600,000 to $450,000," Peter said, and staff told council the developer has largely completed the subdivision and that only a few lots remain.

Staff explained that because the financial assurance amount is specified in the development agreement, the city must execute an amended and restated agreement to change it. Council members asked clarifying questions about remaining lots and location (Vega cul‑de‑sac, southeast corner of the project); staff said about seven or eight lots remain to be platted. The item is on the upcoming Monday agenda for formal consideration.