Title
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FP-21-01-04, Cove at West Port Phase 2 and 3
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Requested Motion/Action
Department Making Request
recommendation
Community Development
Approve a Bond Release for the Final Plat of a residential subdivision named, Cove at West Port Phase 2 and 3. The site contains 34.49± acres and is generally located north of Saddlewood Circle, south of Franklin Avenue, east of Crestwood Waterway and west of Powell Valley Drive, within the Murdock Village Community Redevelopment Area. Located in Commission District IV.
Quasi-Judicial
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Agenda Item Type
Consent
Budgeted Action:
No action needed.
Background (Why is this Action Necessary, and What Action will be accomplished)
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Background:
Forestar (USA) Real Estate Group, Inc. is requesting a bond release of the approved surety provided by North American Specialty Insurance Company under Bond Number 2316664 in the amount of $70,095.07 for the completion of the improvements for Cove at West Port Phase 2 and 3. The 129 residential lot subdivision was granted Final Plat approval by the Board of County Commissioners on May 24, 2022.
The applicant was originally granted approval of a Developer’s Agreement and surety in the amount of $1,844,620.83 to ensure the completion of the infrastructure for the subdivision. The applicant requested a bond reduction and First Amendment to the Developer’s Agreement, which was approved on March 28, 2023, and recorded on March 29, 2023, to reduce the amount of the Security from $1,844,620.83 to $70,095.07, which was in place at the time of this bond release request.
All work has been completed and accepted by the Public Works Department and the County Engineer.
What Action will be accomplished?
If approved, the surety bond will be released
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