Title
title
FP-23-01-01, Coral Lakes IA
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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.5763535 in the amount of $9,134,917.83 to $297,959.64 for the completion of the remaining infrastructure for Coral Lakes - Phase IA, residential subdivision, consisting of 228 single-family lots and 33 tracts. This site contains 306.51± acres and is located at 12300 and 13000 Burnt Store Road, north of Zemel Road, south of Scham Road, east of Burnt Store Road, and west of Green Gulf Boulevard. The properties are in the Punta Gorda area, within the boundary of the Burnt Store Area Plan area. Located in Commission District II.
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 CC Burnt Store, LLC, Banks Engineering is requesting a Bond Reduction and First Amendment to Developer’s Agreement to reduce the amount of the approved surety for Coral Lakes - Phase IA. The subdivision consists of 228 single-family lots and 33 tracts. This site was granted Final Plat approval by the Board of County Commissioners on July 23, 2024. The plat infrastructure was previously bonded through Great American Insurance Company in the amount of $9,134,917.83, which they are requesting be reduced to $297,959.64, 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 June 15, 2027, or a new Developer’s Agreement must be in place and the County will accept the surety provided by CC Burnt Store, LLC (Developer).
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