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)
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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 reque...
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