Title
title
PFP-25-06, Babcock Ranch Community Verde Phase 2
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Requested Motion/Action
Department Making Request
recommendation
Community Development
Approve the Second Amendment to Developer’s Agreement to acknowledge the corresponding proposed replat and modification to the Final Site Plan. This request is associated with the applicant’s Preliminary and Final Plat application for a residential subdivision to be named, Babcock Ranch Community Verde Phase 2, consisting of 51 single-family residential lots, to replat 71 lots of the previously platted Babcock Ranch Community Verde, as recorded in Plat Book 26, Pages 21A through 21N of the Public Records of Charlotte County, Florida. This site contains 10.89± acres and is generally located southeast of Kelly Drive, north Shade Tree Loop, and west of Midtown Boulevard, 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.
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:
Pulte Home Company, LLC, is requesting the Second Amendment to Developer’s Agreement to acknowledge the corresponding proposed replat and modification to the Final Site Plan for Babcock Ranch Community Verde Phase 2.
The original plat, being a subdivision consisting of 399 single-family residential lots and 20 tracts, was approved by the Board on July 11, 2023. The applicant has also requested Preliminary and Final Plat approval for a residential subdivision to be named, Babcock Ranch Community Verde Phase 2, to revise the plat for consistency with the modification to the Final Site Plan under DRC-25-057. The proposed subdivision would replat 71 lots of the previously platted Babcock Ranch Community Verde, as recorded in Plat Book 26, Pages 21A through 21N of the Public Records of Charlotte County, Florida. The applicant seeks approval of the Second Amendment to the Developer’s Agreement to acknowledge this replat and modification to the Final Site Plan. The amount of the security will not change.
At the time of Final Plat application, the applicant was granted approval of a Developer’s Agreement and surety in the amount of $10,150,883.93, to ensure the completion of the plat infrastructure. On September 10, 2024, a bond reduction and First Amendment to the Developer’s Agreement was approved to reduce the amount of the approved surety provided under Letter of Credit No. LICX1975235, issued by Lexon Insurance Company, in the amount of $10,150,883.93 to $3,956,690.15 for the completion of the remaining infrastructure for Babcock Ranch Community Verde.
The original plat was approved before the current subdivision regulations, which requires a construction and maintenance agreement. Thus, the replat has been reviewed under the current subdivision regulations and the applicant is requesting approval of the Second Amendment to the Developer’s Agreement to include the replat in the agreement.
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 within four years of the recording of Babcock Ranch Community Verde or a new Developer’s Agreement must be in place and the County will accept the surety provided by Pulte Home Company, LLC. (Developer).
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