Title
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FP-22-06-01, Creekside Run
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Requested Motion/Action
Department Making Request
recommendation
Community Development
a) Approve a Bond Reduction request and First Amendment to Developer’s Agreement to reduce the amount of the approved surety provided under Bond No. 7901079768 in the amount of $11,139,224.88 to $1,065,812.00 for the completion of the remaining infrastructure for Creekside Run. The site contains 101.89± 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 Bluebird Trail, 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; and
b) Authorize the Chairman to sign the First Amendment to Developer’s Agreement.
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 Creekside Run LB, LLC, Peninsula Engineering is requesting a Bond Reduction and First Amendment to Developer’s Agreement to reduce the amount of the approved surety for Creekside Run. The subdivision, consisting of 291 single-family residential lots and 26 tracts, was granted Final Plat approval by the Board of County Commissioners on February 28, 2023. The plat infrastructure was previously bonded through Nationwide Mutual Insurance Company in the amount of $11,139,224.88, which they are requesting be reduced to $1,065,812.00, 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 extended until March 9, 2025, 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 Creekside Run LB, LLC (Developer).
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