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Largo authorizes up to $240,000 to cover unpaid builders-risk premiums for Horizon West Bay project
Summary
After staff reported Biltmore stopped paying several builders-risk policy extensions, leaving an outstanding premium balance of $132,742.51, the commission authorized up to $240,000 to cover past-due premiums and a projected extension through May 31, 2026.
City staff informed the commission that builders-risk insurance for the Horizon West Bay project required multiple extensions since 2022 and that recent premium payments stopped coming from the developer, Biltmore. Staff reported an outstanding balance of $132,742.51 and estimated an additional extension cost of approximately $100,000 to extend…
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