Title
title
FP-22-03-07, Palm Lake at Coco Bay Bond Reduction and First Amendment to Developer's Agreement
end
Requested Motion/Action
Department Making Request
recommendation
Community Development
Approve a Bond Reduction request and First Amendment to Developer's Agreement to reduce the amount of the approved surety provided under Letter of Credit No. FGAC-23183 issued by Fidelity Guaranty and Acceptance Corp., in the amount of $5,015,398.41 to $350,692.49 for the completion of the remaining infrastructure for Palm Lake at Coco Bay, a residential subdivision consisting of 171 single-family lots and 8 tracts. This site contains 176.34? acres and is generally located southeast of Casa de Meadows Drive, south of the Avenue of Americas, north of Cypress Road and west of Winchester Boulevard, in the West County area. Located in Commission District III.
Quasi-Judicial
end
Agenda Item Type
Consent
Budgeted Action:
No action needed.
Background (Why is this Action Necessary, and What Action will be accomplished)
body
Background:
On behalf of Lennar Homes, LLC, Banks Engineering is requesting a Bond Reduction and First Amendment to Developer's Agreement to reduce the amount of the approved surety for Palm Lake at Coco Bay. The subdivision consists of 171 single-family lots and 8 tracts This site was granted Final Plat approval by the Board of County Commissioners on June 13, 2023. The plat infrastructure was previously bonded through Fidelity Guaranty and Acceptance Corp., in the amount of $5,015,398.41, which they are requesting be reduced to $350,692.49, consisting of the new Engineer's Estimate of Probable Cost and 10% bonding amount.
The County Engineer has approved the Engineer's Opinion of Probable Cost for the new bond amount.
What Action will be accomplished?
If approved, the Developer's Agreement will be amended. All improvements must be completed per the approved plans to the satisfaction of the County Engineer by April 1, 2027, or a new Developer's ...
Click here for full text