The Wilmington Trust Co. was responsible for completing $1.9 million worth of infrastructure work for the Nottingham Meadows development due to the bankruptcy of Stover Homes, the original developer and debtor. With the work completed, it's ready to turn ownership of the infrastructure over to the city of Dover.
The Wilmington Trust Co. was responsible for completing $1.9 million worth of infrastructure work for the Nottingham Meadows development due to the bankruptcy of Stover Homes, the original developer and debtor.
Now that improvements to sewer, water, storm water and street infrastructure are complete, Wilmington Trust – now part of M&T Bank – is prepared to turn over ownership of this infrastructure to the city of Dover per standard practice, City Manager Scott Koenig said at the Dover City Council’s Monday night Utility Committee meeting.
Wilmington Trust took over ownership of the subdivision as well as the letter of credit to complete the infrastructure, Koenig said. The letter of credit, or bond, was essentially an insurance policy to make sure that the infrastructure was completed in case the developer went bankrupt, he said.
“Until recently, we’ve never really had to work with the bonds or the letters of credit because the developers have either finished the infrastructure and dedicated it or they sold it to somebody else and they finished it,” Koenig said. “Nottingham Meadows was kind of the test case for the city with these recent bankruptcies related to developers.”
Wilmington Trust hired a third party, the Hankin Group, to manage the completion of construction of infrastructure. The infrastructure at the time Hankin took it over was probably 80 percent complete, Koenig said.
“There were damaged curbs, sidewalk that had not been constructed, paving that needed to be repaired and a top coat of asphalt needed for the streets,” he said.
Once the city takes ownership of the infrastructure, it will provide maintenance for Nottingham Meadows – including leaf collection and snow plowing, Koenig said.
He also anticipates that DelDOT’s $3.9 million project to realign Wyoming Mill Road at its intersection with Hazlettville Road in west Dover will help mitigate flooding that had occurred more in Nottingham Meadows more than a year ago.