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Posted: Monday, November 19th 2012 at 11:51pm

Development of 100-lot Lula subdivision could start again soon

By Rob Moore Editor
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Alex Powell, representing investor Jim Walters, addresses the Lula City Council about the Waterford Glen subdivision. (Photo/Rob Moore)
LULA – Lula officials heard Monday a roughly 100-lot subdivision in the city could see building activity again soon.

Alex Powell, representing investor Jim Walters, addressed the mayor and council Monday night. Walters is in the process of purchasing Waterford Glen from the bank.

“We’re supposed to close right now in 20 or 25 days,” Powell said.

Powell stressed Walters wants to move ahead quickly on the development once the sale closes and the development reaches an agreement with city leaders.

“Our plan would not be to sit on it for a second,” Powell said.

There was discussion of whether Walters would need to have a single performance bond for the development’s roads, or if a rolling performance bond would be best.

A single performance bond would need to be “a minimum of $50,000,” City Manager Dennis Bergin told the mayor and council.

A rolling performance bond could be for a particular street at a lesser amount, and could “roll” to cover another street once the initial covered location is at 80-percent build-out.

Powell said a rolling property bond could hamstring development if a builder likes certain areas of the subdivision that lie outside the bonded street.

Bergin will meet with Powell to develop an agreement between the city and Walters regarding the subdivision, including which bond type is best for both parties.

The proposed written agreement will be among the items discussed during a called Lula City Council meeting that will be announced for next week.
Waterford Glen subdivision is located off Railroad Avenue and currently contains about 10 single-family homes.
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