CITY COUNCIL AGENDA ITEM
Memo Date: December 5, 2024
Agenda Date: December 10, 2024
Prepared By: Kristin Eick, Assistant City Attorney
Through: Stockton Whitten, City Manager
Requested Action:
title
Approve First Addendum to Improvement Agreement for Lakes at Cocoa Grove subdivision.
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BACKGROUND:
On May 28, 2024, the City Council approved the Final Plat for the Lakes at Cocoa Grove subdivision north of SR 528, subject to an "Improvements Agreement" being executed.
On June 6, 2024, the Lakes at Cocoa Grove Community Development District (the "District"), Mountain Cove Homes at Lakes at Cocoa Grove, LLC (the "Developer"), and City entered into the Improvements Agreement. The Improvement Agreement authorized the Developer to proceed with application for a final plat without having submitted a performance security bond, guaranteeing to the satisfaction of the City that certain public improvements would be duly constructed and completed. The Improvement Agreement provided that the District would publicly bid the construction contract for the improvements and required their selected contractor to name the City as a dual-obligee under its construction performance bond.
Section 4 of the Improvement Agreement contained a deadline of December 1, 2024, to submit the dual-obligee rider from the selected contractor. If no rider was received, the District or Developer would be required to submit a performance bond to the City to secure the completion of the public improvements in accordance with Section 18-31 of the City Code.
The proposed First Addendum to the Improvement Agreement allows an extension of the deadline to December 1, 2025 to submit the rider, provided that the Developer shall be temporarily prohibited from selling any individual lots as shown in the recorded Lakes at Cocoa Grove final plat.
STRATEGIC PLAN CONNECTION:
N/A
BUDGETARY IMPACT:
No impact.
PREVIOUS ACTION:
February 13, 2024 - City Council approval of Lakes at Co...
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