Title
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FP-21-10-19, Waterview Landing
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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 Bond No. 9392726 in the amount of $3,262,786.86 to $231,154.66 for the completion of the remaining infrastructure for Waterview Landing. The site contains 34.33± acres and is generally located south of Greenway Boulevard, north of the Lake Babcock Drive, west of Bluebird Trail and east of SR 31. The site is located within the boundary of the Babcock Ranch Community Development of Regional Impact (DRI) Increment 1. 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 Toll Brothers, Inc., Kimley-Horn is requesting a Bond Reduction and First Amendment to Developer’s Agreement to reduce the amount of the approved surety for Waterview Landing. The subdivision, consisting of 96 lots and six tracts, was granted Final Plat approval by the Board of County Commissioners on September 13, 2023. The plat infrastructure was previously bonded through Fidelity and Deposit Company of Maryland in the amount of $3,262,786.86, which they are requesting be reduced to $231,154.66, 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 or a new Developer’s Agreement must be in place and the County will accept the surety provided by Toll Brothers, Inc. (Developer).
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