[Massplanners] Construction Completion Bonding

[THOMAS FUDALA]

Only 1 specific experience, but have you considered using developer providing stock held under an escrow agreement by a trusted attorney? Theoretically doesn't cost the developer anything (they actually benefit from any dividends or stock price growth) but provides security to Town if properly drawn up.

Tom Fudala

>     On 06/28/2022 6:00 PM Bill Nemser via MassPlanners <massplanners at masscptc.org> wrote:
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>     Hello planners,
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>     I'm wondering if any of you have worked on a project where you required a construction bond where the bond was tied to the completion of the actual project.  Typically, when I have required bonding for project,  it's for infrastructure improvements etc.   In this case, local leadership is concerned by concessions requested of the town by the developer and wants to ensure the project is constructed as presented.
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>     If you've utilized something like this could you please let me know some of the details? Off hand I would be interested in
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>        1. What is a general description of the project?
>        2. What was the bond amount?
>        3. What was the factor that made you request a construction completion bond?
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>     Any other info would be welcome.
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>     Thank you!
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>     Bill
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>     Bill Nemser, AICP, LEED AP
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>     Planning Director
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>     Office of Municipal Services
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>     Town of Maynard
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>     195 Main Street
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>     Maynard, Ma. 01754
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>     (978) 897-1302 tel:(978)%20897-1302
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