SUBJECT:
Title
Request Approval of an Amendment to the Developer's Agreement for SR 200/SW 95th Street Road Improvements Between Marion County and 95th Street Holdings LLC (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:
On December 3, 2024, the Board approved the Developer's Agreement for SR 200/SW 95th Street Road Improvements between Marion County and 95th Street Holdings, LLC, a Delaware Limited Liability Company. The agreement was subsequently recorded in Official Records Book 8522, Page 1684, of the Public Records of Marion County, Florida.
Following execution of the original agreement, a concern was raised regarding whether the agreement's successors and assigns provisions could extend the Developer's roadway improvement obligations to subsequent purchasers of individual single-family lots. The amendment clarifies that these obligations will not apply to certain qualifying owners of platted single-family lots within Pioneer Ranch Phases 1, 2, and 5. The amendment also acknowledges the Developer's $335,649 letter of credit provided to the Florida Department of Transportation (FDOT) as financial assurance that the required roadway improvements will be constructed.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion to approve and authorize the Chairman and Clerk to execute the amendment for SR 200/SW 95th Street road improvements between Marion County and 95th Street Holdings, a Delaware limited liability company.
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