Largo authorizes up to $240,000 to cover unpaid builders-risk premiums for Horizon West Bay project

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 coverage through May 31, 2026.

"As the project progressed several scheduled delays required that the policy be extended," staff said, describing a history of extensions and mixed responsibility for certain invoices. Staff requested authorization not to exceed $240,000 to cover past-due premiums and projected upcoming extension costs so the city's coverage would remain continuous until a certificate of occupancy is issued.

Commissioners pressed staff on whether formal commitments exist from Biltmore to reimburse the city and noted an email dated February 25 in which Biltmore stated it would no longer pay. Staff said discussions with the broker and Biltmore continue and that recovery is a possibility that will be pursued through contract and auditing channels.

The commission approved the request 6-0. The authorization directs staff to work with the broker Wallace, Welch & Willingham and the project team to maintain continuous coverage; staff said they will return to the commission if additional funding is needed or if recovery results require further action.