The Buena Vista Board of Trustees approved a 4 to 2 motion during their January 22 meeting, to extend the South Main Phase 1 construction deadline in the Subdivision Improvement Agreement, but is requiring South Main to seek a letter of credit to fund remaining Phase 1 costs. The remaining infrastructure costs total approximately $58,000.
South Main was in breach of its agreement with the Town of Buena Vista as Phase 1 building projects on South Main sit unfinished. South Main did not complete the required Phase 1 infrastructure during the 2018 construction season, as had been required.
The motion to extend the deadline and require South Main to obtain a letter of credit to fund remaining Phase 1 construction was offered by Trustee Libby Fay and seconded by Trustee David Volpe. Only Trustee Mark Jenkins and Trustee Norm Nyberg opposed the motion.
JJ Kinsfather, on behalf of South Main, requested that the Town of Buena Vista accept a lot of land as security moving forward. The Board of Trustees denied this request and moved to require a letter of credit instead. Though Kinsfather said he was disappointed in the Board’s decision, he acknowledged and admitted South Main’s shortcomings in completing Phase 1.
“It is our fault we are not in compliance with the SIA,” Kinsfather said to Trustees. “It is our intention to get Phase 1 done.”
Kinsfather assured the Board of Trustees that an extension of the Phase 1 deadline to June 30th would be sufficient.
“Can we complete everything by June 30th?” Asked Trustee Fay.
“We can,” Kinsfather said. “We can reach that goal.”
This is the third amendment to the Subdivision Improvement Agreement. The SIA originally called for Phase 1 completion in 2009. When this deadline was not met, the agreement was amended to allow for completion in 2013. The 2013 amended deadline was also not met, and the agreement was amended a final time to set a deadline in 2018.