Title
title
BRR-26-07 West Port East IA
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Requested Motion/Action
Department Making Request
recommendation
Community Development
Approve a Bond Reduction request and 1st Amendment to the Developer’s Agreement to reduce the amount of the surety provided under Bond No. 800188739, issued by Atlantic Specialty Insurance Company in the amount of $13,810,532.30 to $4,985,772.33 for the completion of the remaining infrastructure for West Port East IA. This site is 187.33± acres and is generally located north of El Jobean Road, east of Flamingo Waterway, south of Tamiami Trail, and west of Toledo Blade Boulevard, within the boundary of the Murdock Village Community Redevelopment Area (CRA), in the Port Charlotte area. Located in Commission District IV.
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:
KL West Port Expansion, LLC is requesting Bond Reduction and First Amendment to Developer’s Agreement to reduce the approved surety provided under Bond NO. 800188739, issued by Atlantic Specialty Insurance Company in the amount of $13,810,532.30 to $4,985,772.33 for the completion of the remaining infrastructure for West Port East IA. The subdivision consisting of three right-of-way tracts, three open space access and drainage, and public flowage easement tracts, four drainage area tracts, two open space/access area tracts, and six future development area tracts
It is staff’s professional opinion that the proposed Bond Reduction is generally consistent with Charlotte County’s Comprehensive Plan, Charlotte County's Code of Laws and Ordinances and other applicable guidelines.
What Action will be accomplished?
If approved, the remaining surety will be reduced.
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