SUBJECT:
Title
Request Approval of Marion County Subdivision Improvement Agreement with Surety Bond for R.L.R. Investments, LLC for Debonair Estates Phases 1 and 2 Subdivision, Application Number 32856 (Budget Impact - None)
Body
INITIATOR: DEPARTMENT:
Steven Cohoon, P.E., County Engineer Office of the County Engineer
DESCRIPTION/BACKGROUND:
The Debonair Estates Phases 1 and 2 Final Plat is being considered concurrently with this Subdivision Improvement Agreement with Surety Bond. Land Development Code Section 2.18.4.D states that a security, limited to an irrevocable letter of credit, bond, or other form approved by the County Attorney, shall be provided in the amount of 120 percent of the estimated cost of remaining improvements.
The County Attorney’s office has reviewed and approved the Subdivision Improvement Agreement with Surety Bond in the amount of $5,645,034.94, including landscaping. This subdivision is located in the western portion of the County containing 79 lots, 9 tracts, and 1.53 miles of road on approximately 131.81 acres.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion to approve the attached Marion County Subdivision Improvement Agreement with Surety Bond and to authorize the Chairman and Clerk to execute the same.
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