Street and other improvements are coming soon to Curtis Pond, another major Mooresville subdivision whose developer the town has been after to shore up its community.
In 2008, the town told developers of several of its largest subdivisions to fix their roads or risk having their bonds pulled. Pulling a company's bonds hurts its ability to obtain financing for future projects.
The Cherry Grove and Morrison Plantation communities eventually came into compliance with town-imposed standards. Curtis Pond is the last remaining large subdivision where the town still wants to see street and other repairs made.
In Curtis Pond's case, a representative of the subdivision's original developer, Georgia-based MAG Land Development LLC, asked Mooresville Engineering Manager Ryan Rase recently to pull, or "call," the developer's bonds and letter of credit related to Curtis Pond, Rase said.
Rase said the official told him the company had been foreclosed, and pulling the bonds and letter of credit would guarantee the work got done.
Regions Bank held the $145,000 letter of credit and has since paid that amount to the town, Rase said. "We have that in the bank," he said.
The town is now negotiating with NGM Insurance, which issued $99,000 in bonds for MAG Land at Curtis Pond, to cut the town a check for that amount, Rase said. NGM has the option of paying a contractor directly to do the work or cutting the town a check so the town can accept bids for the work, he said.
Work would include replacing storm drain grates, repairing asphalt and adjusting manholes, Rase said.
The Mooresville Board of Commissioners last week asked Rase to return in 60 days with a complete punch list of needed repairs and an update on his negotiations with NGM.