SUBJECT:
Title
Request Approval of Reinstatement of, and First Amendment to, Marion County Subdivision Improvement Agreement with Surety Bond for Oak Hammock Preserve Subdivision, Application Number 29639 (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 County and Developer entered into a Marion County Subdivision Improvement Agreement with Surety Bond (“Original Agreement”) which was recorded in OR Book 8108, Page 1282. This Original Agreement was inadvertently terminated and the Original Bond cannot be located. The Developer has completed a majority of the improvements required by the Original Agreement. Therefore, the County does not need a bond as high as the Original Agreement to secure Developer’s obligation to construct the remaining improvements. County and Developer desire to reinstate the Original Agreement as if it had never been terminated, and to reduce the amount of the bond required by the Developer.
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 County Attorney’s office has reviewed and approved the Reinstatement of, and First Amendment to, Marion County Subdivision Improvement Agreement with Surety Bond in the amount of $2,292,423.00. This subdivision is located in the southeast portion of the County and contains 168 lots and six (6) tracts on 20.97 acres with 0.63 miles of private roads.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion to approve the attached Reinstatement of, and First Amendment to, Marion County Subdivision Improvement Agreement with Surety Bond and to authorize the Chair and Clerk to execute the same.
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