By Kevin Reagan | Pinal Central
The Casa Grande City Council is considering a policy change as to how it receives financial securities from developers who own unfinished housing subdivisions.
The city currently holds about $32 million in securities, mostly in financial bonds, for six local subdivisions with varying amounts of vacant lots. In total, the subdivisions have nearly 2,500 residential lots available.
City code requires developers to post financial securities for infrastructure improvements needed at the time of construction. The money typically covers all the utilities, sidewalks, streetlights and landscaping necessary to complete a subdivision.
