Title
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FP-22-05-16, Babcock Ranch Community Verde
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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. LICX1975235 in the amount of $10,150,883.93 to $3,956,690.15 for the completion of the remaining infrastructure for Babcock Ranch Community Verde. The site contains 109.23? acres and is generally located south of Bermont Road, north of the County line with Lee County, west of the County line with Glades County, and east of Cypress Parkway, in the boundary of the Babcock Ranch Community Development of Regional Impact (DRI) Increment 2, within 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:
On behalf of Pulte Home Company, LLC, Barraco and Associates, Inc. is requesting a Bond Reduction and First Amendment to Developer's Agreement to reduce the amount of the approved surety for Babcock Ranch Community Verde. The subdivision, consisting of 399 single-family residential lots and 20 tracts, was granted Final Plat approval by the Board of County Commissioners on July 11, 2023. The plat infrastructure was previously bonded through Lexon Insurance Company in the amount of $10,150,883.93, which they are requesting be reduced to $3,956,690.15, 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 Development Agreement will be extended until July 19, 2027, at which time all improvements must be completed per the approved plans to the satisfaction of the County Engineer or a new Developer's Agreement must be in...
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