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INDIAN RIVER COUNTY, FLORIDA <br />MEMORANDUM <br />TO: Board of County Commissioners <br />THROUGH: John Titkanich, Jr., ICMA-CM, AICP; County Administrator <br />PREPARED BY: Patrick J. Murphy, Senior Planner <br />DATE: November 21, 2023 <br />SUBJECT: Lost Tree Preserve, LLC's Request for Final Plat Approval for Lost Tree <br />Preserve PD, Phases 4 and 5 [PD -10-08-01 / 99040238-95045] <br />It is requested that the data herein presented be given formal consideration by the Board of County <br />Commissioners at its regular meeting of December 5, 2023. <br />DESCRIPTION & CONDITIONS: <br />Lost Tree Preserve Planned Development (PD), Phases 4 and 5 are the final phases within the overall <br />Lost Tree Preserve PD project. The Lost Tree Preserve PD project is located immediately west of the <br />FEC Railroad, between 65t' Street and 69h Street. The overall project consists of a total of 453 units <br />on 214.64 acres, resulting in an overall density of 2.11 units/acre. The final plat area for Phases 4 and <br />5 is located on the western "half' of the overall project, and consists of 157 lots on 92.42 +/- acres, <br />with a density of 1.70 units/acre (see attachment 1). The property is zoned PD, Planned Development, <br />and has a Future Land Use designation of L-1, Low -Density Residential -1 (up to 3 units/acre). <br />On December 9, 2010, the Planning & Zoning Commission granted preliminary PD plan/plat <br />approval for Lost Tree Preserve PD which included a phased approval for a total 453 units. <br />Subsequently, on January 26, 2017, the Planning & Zoning Commission approved a revised and <br />updated phasing schedule which provides a phased construction schedule for the overall PD through <br />August 2028. As of this time, the developer has constructed 77% of the required project improvements <br />for Phases 4 and 5, and proposes to "bond out" the remaining 23% of the required improvements. The <br />applicant has coordinated with staff to provide the following: <br />1. A final plat in conformance with the approved preliminary PD plan/plat; <br />2. An approved Engineer's Certified Cost Estimate for the remaining required improvements for <br />Phases 4 and 5; and <br />3. An executed Contract for Construction of the remaining required improvements for Phases 4 <br />and 5, with a Cash Deposit and Escrow Agreement for 125% of the cost of construction for <br />the remaining required improvements. <br />60 <br />