Title
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BRR-26-02, Babcock National-Phase 1
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Requested Motion/Action
Department Making Request
recommendation
Community Development
Approve a Bond Release of the surety provided under Letter of Credit No. FGAC-19580 in the amount of $626,146.40 for the completion of the remaining infrastructure for Babcock National. The site is 459.79± acres and generally located south of Bermont Road, north of Cypress Parkway, east of SR 31, and west of the Babcock Trail, within the boundary of the Babcock Ranch Community Development of Regional Impact (DRI) Increment 1, the East County area. Located in Commission District I.
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:
Banks Engineering, on behalf of Lennar Homes, LLC, is requesting a Bond Release of the approved surety provided under Letter of Credit No. FGAC-19580, issued by Fidelity Guaranty and Acceptance Corp., in the amount of $626,146.40 for the completion of the remaining infrastructure for Babcock National. The subdivision, consisting of 116 single-family lots, as well as several large tracts projected for future use as a golf course, and was granted Final Plat approval by the Board of County Commissioners on January 28, 2020.
What Action will be accomplished?
If approved, the surety bond will be released.
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