Approval of Stogi Ranch Phase 2 Development Plat and Infrastructure Agreements

Original title: Stogi Ranch Phase 2 Pl#5698 Accept the plat for recording for Stogi Ranch Phase 2, located in Section 05, Township 30, and Range 19, and grant permission to the Development Review Division of Development Services Department to administratively accept the Improvement Facilities (roads, drainage, water, and wastewater) for Maintenance upon proper completion, submittal and approval of all required documentation. Also provide the administrative rights to release the performance securities for construction and lot comers upon final acceptance by the Development Review Division of Development Services Department and also provide the administrative rights to release the warranty security upon expiration of the warranty period, warranty inspection and correction of any failure, deterioration or damage to the Improvement Facilities. Accept a Performance Bond in the amount of $1,437,749.38, a Warranty Bond in the amount of$92,132.50 and authorize the Chairman to execute the Subdivider's Agreement for Construction and Warranty of Required Improvements. Also accept a Performance Bond for Placement of Lot Comers in the amount of $9,000.00 and authorize the Chairman to execute the Subdivider's Agreement for Performance - Placement of Lot Comers. School Concurrency was approved based on a Developer Agreement and a payment of $303,088.00 was made on October 19, 2022.