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The original item was published from 3/4/2011 3:44:39 PM to 3/17/2011 12:05:01 AM.

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Posted on: March 4, 2011

[ARCHIVED] Bond releases linked to progress in new construction

Bond release requests for two major developments in Cranberry Township were approved by the Board of Supervisors at its March 3 meeting. In major construction projects, the developer posts a bond with the Township to provide financial security for completing the improvements they have committed to – roads, water lines, sewers, stormwater facilities, and so on. Throughout the construction process, as certain components get complete, the developer can request a release of that bond. That reduces the collateral amount over time until it reaches zero with the final bond release. Phase I of the Village of Cranberry Woods – a large-scale mixed use development adjacent Franklin Road and Rt. 228 – includes a hotel, retail, and restaurants. It has now completed initial grading operations. Phase III of Orchard Park, a residential development off of Powell Road south of Rochester, is also moving well and its homes are selling. The bond releases approved by the Board signify that both projects have reached significant milestones in implementing their plans.
For more information, contact Cranberry Township Engineer Jason Kratsas

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