SUBJECT:
Title
Request Approval of a Subdivision Improvement Agreement with Letter of Credit Between Iron Lake Property, LLC and Marion County for the Proposed Ironcrest Phase 1 Subdivision (formerly known as Adena), Final Plat 29959 (Budget Impact - None)
Body
|
INITIATOR: |
DEPARTMENT: |
|
Steven Cohoon, PE, County Engineer |
Office of the County Engineer |
DESCRIPTION/BACKGROUND:
This is a request seeking approval of a Subdivision Improvement Agreement with Letter of Credit. The Ironcrest Preliminary Plat (formerly known as Adena) was approved by Development Review on May 7, 2012.
Ironcrest Phase 1 has been divided into Phase 1A and Phase 1B with separate letters of Credit provided for each phase.
The Final Plat will be forwarded for County signature upon approval of the Subdivision Improvement Agreement with Letter of Credit by the Board of County Commissioners.
Land Development Code section 2.18.4 requires security, limited to an irrevocable letter of credit, bond, or other form approved by the County Attorney, in the amount of 120 percent of the estimated cost of remaining improvements.
This subdivision is located in the northcentral portion of the County and contains 202 lots and 19 tracts on 477.27 acres with 4.16 miles of roads.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion to approve the attached Marion County Subdivision Improvement Agreement with Letter of Credit for Iron Lake Property, LLC and authorize the Chairman and Clerk to execute the same.
end