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Revoking bonds was an easy decision
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Published: September 16, 2009
Mooresville commissioners took the proper and necessary action in "calling" a developer's bonds last week because of undone work at two subdivisions.
Commissioners and residents of the neighborhoods, Curtis Pond and Oaks on Main, were tired of waiting for promised improvements by MAG Land Development of Atlanta, so commissioners revoked the bonds – about $700,000 in all – to enable the town to pay someone else to do finish the work.
All developers are required to post performance bonds as a guarantee that they will do what they say they'll do when they build here. In recent years, the board of commissioners threatened to call the bonds of several other developers, all of whom completed their work when they realized the Town was serious.
This time, we got serious again and the developer paid the price. It's disappointing that the matter had to be resolved this way, but in a town with rampant growth it's the only way to do business.
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