Title
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FP-23-01-01-B, Coral Lakes IB
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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. 612422787 in the amount of $1,186,808.15 to $63,917.48 for the completion of the remaining infrastructure for Coral Lakes - Phase IB, residential subdivision, consisting of 93 single-family lots and 6 tracts. This site contains 19.85? acres and is generally located north of Zemel Road, south of Scham Road, east of Burnt Store Road, and west of Green Gulf Boulevard. The property is in the Punta Gorda area, within the boundary of the Burnt Store Area Plan area. Located in Commission District II.
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:
Banks Engineering, on behalf of D.R. Horton, Inc., is requesting a Bond Reduction and First Amendment to Developer's Agreement to reduce the amount of the approved surety for Coral Lakes - Phase IB. The subdivision consists of 93 single-family lots and 6 tracts. This site was granted Final Plat approval by the Board of County Commissioners on October 22,2024. The plat infrastructure was previously bonded through United States Fire Insurance Company in the amount of $1,186,808.15, which they are requesting to be reduced to $63,917.48, 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 or a new Developer's Agreement must be in place and the County will accept the surety provided by CC Burnt Store, LLC (De...
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