SUBJECT:
Title
Request Approval of Subdivision Improvement Agreement and Supplemental Agreement with Surety Bond and Letter of Credit for Freedom Commons Development, LLC Associated with Marion Ranch Phases 3 & 4, Application Number 31528 (Budget Impact - None)
Body
INITIATOR: DEPARTMENT:
Steven Cohoon, P.E., County Engineer Office of the County Engineer
DESCRIPTION/BACKGROUND:
The project developer desires approval of their Final Plat prior to completing all improvements in their development of Marion Ranch Phases 3 & 4. Land Development Code Section 2.18.4.D states that if the improvements are not completed, an Improvement Agreement shall be provided and approved by the Board, as well as a security, limited to an irrevocable letter of credit or bond only, in the amount of 120 percent of the estimated cost of remaining improvements. The attached agreements outline proposed improvement timing and surety for improvement completion.
The Subdivision Improvement Agreement has been traditionally used, and a supplemental agreement has been created to provide for items such as amenities, landscaping and buffering. Specifically for this development, section 2 of the supplemental agreement will allow the landscaping/buffering completion to be deferred to six (6) months after the date that the Florida Department of Environmental Protection issues a total water clearance letter for the water system, or 12 months after the date of this agreement.
The County Attorney’s office has reviewed and approved the Subdivision Improvement Agreement with Surety Bond in the amount of $4,838,422 and the Supplement Agreement with Letter of Credit in the amount of $346,929 This subdivision is located in the southwest portion of the County and contains 280 lots and six (6) tracts on 94.81 acres with 2.09 miles of roads.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion to approve the attached Subdivision Improvement Agreement and Supplemental Agreement and to authorize the Chairman and Clerk to execute the same.
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