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Commissioners approve sixth amendment extending closing date for major development project
Summary
The board voted to approve a sixth amendment to an inducement and development agreement, extending the property closing date to May 31 as developers finalize permits, insurance and construction financing for a project the presenter described as a $750 million investment.
The Baker County Board of County Commissioners voted March 4 to approve a sixth amendment to an inducement and development agreement that extends the property closing date to May 31.
Darryl (project representative) updated the board on progress since the project received initial approvals, saying engineers have submitted structural drawings to a private plan reviewer and that civil permit work and approvals from St. Johns River Water Management District are pending. He said partners were finalizing construction insurance, performance bonds and letters of credit before construction could begin.
Darryl described the project as a $750,000,000 investment and said the work already expended by developers and partners ran into the millions of dollars. Commissioner May expressed continued contact with the development partners and moved to approve the sixth amendment. The motion was seconded and passed by voice vote.
Commissioners said they were glad to see ongoing activity and confirmed they would remain engaged as the project moves toward closing and construction.
