SUBJECT:
Title
Request Approval of Marion County Subdivision Improvement Agreement with Surety Bond for Spires 27, LLC for Spires 27 Apartments, Project 2022030292 (Budget Impact - None)
Body
INITIATOR: DEPARTMENT:
Steven Cohoon, P.E., County Engineer Office of the County Engineer
DESCRIPTION/BACKGROUND:
Land Development Code (LDC) 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.
Spires previously requested to pay $370,061.34 into the County’s Tree Mitigation Fund in lieu of installing replacement trees. The Board approved this request during their regular meeting on July 18, 2023. Spires believes they are able to plant most, if not all required replacement trees, and seeks to rescind their obligation to pay the total amount, or pay a much-reduced amount. In order to meet project timelines, they have provided a Subdivision Improvement Agreement with Bond in the amount of $196,800.00.
This apartment complex is located in the northwest central portion of the County on approximately 27.07 acres.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion to rescind approval for the $370,061.34 payment into the County’s Tree Mitigation Fund, allow a reduced payment if necessary, approve the attached Marion County Subdivision Improvement Agreement with Surety Bond, and authorize the Chairman and Clerk to execute the same.
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