SUBJECT:
Title
Request Approval of Improvement Agreement with Surety Bond for Falls of Ocala Unit 2 Subdivision, Application Number 30739 (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 project developer desires approval of their Final Plat prior to completing all improvements associated with the subdivision. 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 Improvement Agreement with Surety Bond in the amount of $1,036,683.30. This subdivision is located in the southwest portion of the County and contains 86 lots and 16 tracts on 28.20 acres with .76 miles of private roads.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion to approve the attached Improvement Agreement with Surety Bond and to authorize the Chair and Clerk to execute the same.
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