Commission continues King's Landing Villas Plat amendment to Sept. 15 after developer seeks more time to secure bond

The commission voted to continue consideration of a proposed amendment to the assigned and assumed development agreement for the Villas Plat at King's Landing to the Sept. 15 meeting.

City Attorney (public record referred to in discussion) told the commission that the developer is in the final stages of securing a performance bond for vertical construction; the form and amount of the bond were agreed, but the bond had not yet been issued. Staff recommended continuing the item to Sept. 15 so the city could receive the final bond documentation.

Bob Raines, attorney for King's Landing, told commissioners the developer had been approached previously about removing a reverter clause and that the city’s request for protections led to the performance-bond solution. Raines said a narrative circulating in the business community had wrongly characterized the city as obstructing development and requested the record show the developer and city were working together. “We didn't approach anybody on anything,” Raines said, explaining the issue had arisen during earlier transactional timelines.

Commissioners discussed concerns about protecting future condo purchasers and downtown residents; several said the performance bond was an important safeguard. After discussion a motion to continue the resolution to a date certain of Sept. 15 passed on a roll-call vote with Commissioners Broderick, Gaines and Mayor Pro Tem Johnson recorded as voting yes.

Staff said the continuance will allow the developer to present final bond documentation and finalize the development agreement language; the item will return to the commission at the Sept. 15 meeting.