Title
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FP-21-03-08, Cove at West Port Phase 4
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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. 2318297 in the amount of $3,585,582.17 to $86,286.64 for the completion of the remaining infrastructure for Cove at West Port Phase 4. The site contains 37.62± acres and is generally located north of South Port Harbor Boulevard, east of Remington Trace Drive, west of Centennial Boulevard, and south of Franklin Avenue. The subdivision is in the Port Charlotte area, within the Murdock Village Community Redevelopment Area (CRA). 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)
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Background:
Forestar (USA) Real Estate Group Inc. is requesting a Bond Reduction and First Amendment to Developer’s Agreement to reduce the amount of the approved surety for Cove at West Port Phase 4. The 149-lot residential subdivision was granted Final Plat approval by the Board of County Commissioners on May 24, 2022. The plat infrastructure was previously bonded through North American Specialty Insurance Company in the amount of $3,585,582.17, which they are requesting be reduced to $86,286.64, 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 November 1, 2025, or a new Developer’s Agreement must be in place and the County will accept the surety provided by Forestar (USA) Real Estate Group Inc. (Developer).
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