Title
title
FP-15-07-02, Island Lakes at Coco Bay
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Requested Motion/Action
Department Making Request
recommendation
Community Development
Lennar Homes, LLC is requesting a Bond Reduction and First Amendment to Developer’s Agreement to reduce the amount of the approved surety provided under Letter of Credit No. FGAC-23354, issued by Fidelity Guaranty and Acceptance Corp., in the amount of $2,599,611.95 to $113,718.00 for the completion of the remaining infrastructure for Island Lakes at Coco Bay. The subdivision, consisting of 222 lots and 17 tracts, was granted Final Plat approval by the Board of County Commissioners on October 24, 2023. The site contains 120.07± acres and is generally located south of San Casa Drive, northeast of Placida Road and west of Winchester Boulevard, in the West County area. Located in Commission District III.
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:
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 Island Lakes at Coco Bay. The subdivision, consisting of 222 single-family lots and 17 tracts This site was granted Final Plat approval by the Board of County Commissioners on October 24, 2023. The plat infrastructure was previously bonded through Fidelity Guaranty and Acceptance Corp in the amount of $2,599,611.95, which they are requesting be reduced to $113,718.00, 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 by April 1, 2027, 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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