OTHERAMENDED

Urban Renewal Project Bond Requirement Reduced After Site Progress

Somerville Borough Council approved a bond reduction for Somerville Urban Renewal Phase III, LLC, for partial completion of Town Center Phase 3 site improvements, significantly lowering the developer's performance and cash bond requirements.

Document date · December 16, 2024

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Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Scope & details

The full contract record, as filed.

Contract amount
Bond: Est. $223,058.40; Performance Bond: $200,752.56 reduced to $60,225.77; Cash Bond: $22,305.84 reduced to $6,691.75
Contract type
OTHER
Renewal
Original bond amounts reduced as per project progression; further releases contingent upon additional site work completed and inspected.
Document type
Meeting Minutes
Source document
borough-of-somerville-meeting-minutes-2024-12-16_a1f.pdf

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the government contract by Borough of Somerville?

Somerville Urban Renewal Phase Iii Llc was awarded this government contract by Borough of Somerville, as recorded on December 16, 2024. The contract value is Bond: Est. $223,058.40; Performance Bond: $200,752.56 reduced to $60,225.77; Cash Bond: $22,305.84 reduced to $6,691.75.

How much is the Somerville Urban Renewal Phase Iii Llc contract with Borough of Somerville worth?

The Somerville Urban Renewal Phase Iii Llc contract with Borough of Somerville is valued at Bond: Est. $223,058.40; Performance Bond: $200,752.56 reduced to $60,225.77; Cash Bond: $22,305.84 reduced to $6,691.75.

What type of contract is this?

This is a government contract, documented as a meeting minutes record.

Where was this contract approved?

This contract appears in borough-of-somerville-meeting-minutes-2024-12-16_a1f.pdf (Meeting Minutes), dated December 16, 2024 from Borough of Somerville. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Somerville Urban Renewal Phase Iii Llc hold?

Somerville Urban Renewal Phase Iii Llc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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