The Village of North Hills Board of Trustees Wednesday approved the reduction of three village bonds issued for the construction of the Ritz-Carlton Residences in North Hills.
The three bonds cover the site improvement, recreation facilities and landscape and lighting, originally totaled $10.5 million and were reduced to $1.3 million for both phases 1 and 2.
The site improvement bond, originally for $2 million, was reduced to $500,000, and the $2.5 million landscape and lighting bond was reduced to $750,000.
“When I did my review, I did the total of Phase 1 and 2, and there were certain parts of Phase 2 under construction,” Building Supervisor Donald Alberto said during the public hearing. “That’s why I suggested retaining $500,000 [for the site improvement bond] instead of their requested $100,000. The main roads are in, but the connector access sides to the parking areas are not, and that would be part of the bond.”
The largest of the bonds at $6.5 million for recreation facilities in the five residential buildings and clubhouse on the 18-acre property are mostly finished, and that bond was reduced to $50,000.
The site improvement and recreation facility bonds were extended for one year, while the landscape and lighting bond was extended for two years at the request of Anthony Guardino, attorney for the Ritz-Carlton Residences, and at the recommendation of Alberto.
“They aren’t going to landscape until the buildings are finished, and the buildings are maybe two years from completion,” Alberto said. “I don’t know if the board is comfortable giving an extension for two years, but I think that’s the realistic time schedule.”
The average Ritz-Carlton Residences condominium cost is $2.1 million, ranging from $1.2 million to $5.3 million, and 1,533 to 3,824 square feet in size.