Pasadena : Project Exempt From Bond

The Board of Directors on Tuesday told One Colorado developer Douglas Stitzel that he does not need to put up a “completion bond” on the $70-million retail project in Old Pasadena.

Stitzel had asked the board to exempt him from the requirement. His attorney, William Cathey, told the board that the general contractor, C. L. Peck/Jones Brothers Construction Corp., already requires that all its subcontractors be bonded.

City Directors John Crowley and Rick Cole reminded Cathey that the requirement was made in order to guarantee that once work began on the project it would be completed.

But Cathey said Stitzel has every intention of completing the job, and will secure construction financing within the next two weeks to cover the cost of building the project.