Title
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FP-15-07-02, Coco Bay
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Requested Motion/Action
Department Making Request
recommendation
Community Development
Approve a Bond Reduction request and Fourth Amended Development Agreement to reduce the amount of the approved surety provided under Letter of Credit No. FGAC-22193, issued by Fidelity Guaranty and Acceptance Corp., in the amount of $4,832,127.36 to $163,392.63 for the completion of the remaining infrastructure for Coco Bay. The site is 169.68± acres, and is located south of San Casa Drive, north of Cypress Road, east of Placida Road, and west of Winchester Boulevard. 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 Fourth Amended Development Agreement to reduce the amount of the approved surety for Coco Bay. The subdivision, consisting of 178 single-family lots, was granted Final Plat approval by the Board on January 23, 2018. The plat infrastructure is bonded through Fidelity Guaranty and Acceptance Corp. in the amount of $4,832,127.36, which they are requesting be reduced to $163,392.63, consisting of the new Engineer’s Estimate of Probable Cost and 10% bonding amount.
At the time of Final Plat application, the applicant was granted approval of a Development Agreement and surety bonded through Westchester Fire Insurance Company in the amount of $3,164,459.58, to ensure the completion of the plat infrastructure. The subdivision was granted Final Plat approval by the Board on January 23, 2018, approval of an Amended Development Agreement for the plat infrastructure on May 12, 2020, and approval of the Second Amended Development Agreement on December 14, 2021, for an extension to the agreement for an additional six (6) months. On October 11, 2022, the Board approved the applicant’s request for a bond release and substitution with an Irrevocable Standby Letter of Credit No. FGAC-22193 in the amount of $4,832,127.36.
Island Lake Estates, LLC conveyed a portion of the Coco Bay subdivision to Lennar Homes, LLC (Developer), who intended to subsequently purchase the remainder of the subdivision. Therefore, Lennar Homes, LLC provided the new surety and amended Development Agreement by accepting responsibility for completion of the subdivision and the remainder of the Development Agreement.
Since then, a significant portion of the plat construction has been completed. The Project Engineer has submitted this Fourth Amended the Development Agreement and Bond Reduction request for the new Engineer’s Estimate of Probable Construction Cost (+10%).
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 Development Agreement will be extended until July 31, 2026, at which time all improvements must be completed per the approved plans to the satisfaction of the County Engineer or a new Development Agreement must be in place and the County will accept the surety provided by Lennar Homes, LLC (Developer).
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