Title
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FP-19-06-08, Biscayne Landing North
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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. FGAC-22413 in the amount of $1,725,648.47 to $128,936.50 for the completion of the remaining infrastructure for Biscayne Landing North. The site contains 70.91± acres and is generally located east of Biscayne Drive, north of El Jobean Road, west of the Flamingo Waterway, and south of Crofton Springs Way. 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:
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 Biscayne Landing North. The subdivision, consisting of 141 lots, was granted Final Plat approval by the Board of County Commissioners on September 13, 2022. The plat infrastructure was previously bonded through Fidelity Guaranty and Acceptance Corp. in the amount of $1,725,648.47, which they are requesting be reduced to $128,936.50, 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 December 31, 2024, 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 place, and the County will accept the surety provided by Lennar Homes, LLC (Developer).
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