Title
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PFP-21-05-03, Babcock Ranch Community Town Center Southeast
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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, Babcock Ranch Community Town Center Southeast. The site contains 91.06± acres and is generally located south of Woodland Court, north of the County line with Lee County, east of Babcock Trail and west of Curry Preserve Drive, within the boundary of the Babcock Ranch Community Development of Regional Impact (DRI) Increment 1, in 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)
body
Background:
Babcock Property Holdings, L.L.C. is requesting a bond release of the approved surety provided by XL Specialty Insurance Company under Bond Number US00110379SU21A in the amount of $4,980,725.99 for the completion of the improvements for Babcock Ranch Community Town Center Southeast. The residential subdivision, consisting of 103 single-family lots and 42 tracts, was granted Final Plat approval by the Board of County Commissioners on October 26, 2021.
At the time of Final Plat application, the applicant was granted approval of a Developer’s Agreement and surety in the amount of $4,980,725.99 to ensure the completion of the plat infrastructure.
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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