SUBJECT:
Title
Request Approval of First Amendment to Improvement Agreement with Bond for Marion Ranch Phase 2 aka Freedom Commons Phase 2 Subdivision, Application Number 29642 (Budget Impact - None)
Body
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INITIATOR: |
DEPARTMENT: |
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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 associated with the subdivision. 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 original Improvement Agreement with Bond was in the amount of $2,594,936.45 and was approved on October 3, 2023 and recorded in OR Book 8172, Page 169.
The original agreement did not include construction of all phases of SW 85th Street improvements associated with this project. At this time, the Developer is progressing on all phases and is requesting to amend the deadline to construct all improvements associated with SW 85th Street within 12 months after the effective date of this Amendment. Staff supports this amendment.
The County Attorney’s office has reviewed and approved the First Amendment to Improvement Agreement with Bond. This subdivision is located in the southeast portion of the County and contains 166 lots and five (5) tracts on 59.78 acres with 1.75 miles of private roads.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion to approve the attached First Amendment to Improvement Agreement with Bond and to authorize the Chair and Clerk to execute the same.
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