Mahoning Township supervisors and developer Bill Grant came to an understanding during Monday evening's meeting as to the amount needed to be stipulated on the new letter of credit he needs to renew by the end of the year for his Summit Ridge Development. The unanimous vote will extend the $1.26 million letter of credit for another year giving Grant more time to revise his development plan for phasing and work toward completing the infrastructure.
"I would like to put this matter to rest," said Grant. "There is not enough time [before the letter expires] to get my engineer Joe Calabrese and Tim Edinger [the township engineer] out to the site. If you accept my amount with ten percent more from the January 2012 letter, then we have time."
Grant proposed in the letter dated January 10, 2012 when supervisors originally requested a $1.146 million letter of credit to handle covering the construction of the remaining infrastructure improvements in the development. Supervisors were unsure in earlier meetings whether that amount contained the customary 10% cushion they require for letters of credit.
Secretary-Treasurer Natalie Haggerty told the board from her research the original letter had a 10% cushion, but that was in 2006. Grant told the board at a previous meeting that with the infrastructure already completed in the development, there was more than enough stipulated by the $1.146 million amount to finish the lower section with a cushion.
At a meeting last month, Grant proposed revising the plan for Summit Ridge into two phases. The existing phase would be the lower portion which is partially completed while the second phase would be in the woods above the existing development. Grant told the board he would probably not live long enough to sell houses in that second section because of the sluggishness of the housing market.
Supervisor Bruce Steigerwalt voiced his concerns over just a verbal agreement to change the plan. "He filed the plan that includes the whole development." Steigerwalt said the board just couldn't agree to discard half of the plan without any formal changes. Solicitor Tom Nanovic concurred. "He really needs to revise the plan to show phases."
Last month according to Grant the $1.146 million would cover the first section which is partially completed as well as providing a cushion, but supervisors felt the development should be reviewed to ensure that amount was sufficient. When he appeared on Monday night he agreed to add ten percent to that amount if the board was agreeable.
Chairperson John Wieczorek said Edinger felt the $1.146 million would cover the improvements on the lower section and Grant said that he would add another ten percent to the amount to bring the total value to $1.26. Wieczorek told Grant that he was agreeable to the new amount provided Grant would begin working toward revised plans to split the development into two phases and undertake the steps to make that happen.
Grant was amenable toward formally phasing the development so that the plans would match his intentions and revised goals. With Grant's verbal agreement, the board unanimously voted to accept the extension for the development agreement as well as accepted his letter of credit in the amount of $1.2606 million.