Title
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BRR-26-10 Island Lakes Coco Bay Phase I
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Requested Motion/Action
Department Making Request
recommendation
Community Development
Approve a Bond Release for the Final Plat of a residential subdivision named, Island Lakes at Coco Bay Phase I. The site contains 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)
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Background:
Lennar Homes LLC, is requesting a Bond Release of the approved surety provided under Letter of Credit No. FGAC-22193, issued by Fidelity Guaranty and Acceptance Corp., in the amount of $163,392.63 for the completion of the remaining infrastructure for Coco Bay. The subdivision, consisting of 178 single-family lots, was granted Final Plat approval by the Board on January 23, 2018.
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, all work has been completed and accepted by the Public Works Department and the County Engineer.
What Action will be accomplished?
If approved, the surety bond will be released.
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