SUBJECT
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Approve Subordination Agreement between Polk County and Tampa Electric Company in conjunction with the CR 540 (Cypress Gardens Road) at Lake Ned Road Intersection Improvement Project, Parcel 100. (No fiscal impact)
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DESCRIPTION
The County has a project within the current CIP to improve the intersection of County Road 540 (Cypress Gardens Road) at Lake Ned Road by constructing a roundabout. A right-of-way parcel associated with the project, Parcel 100, is encumbered with a utility easement currently held by Tampa Electric Company, a Florida corporation, (hereinafter “TECO”). The County has requested TECO subordinate its interest in that portion of the subject utility easement lying within the right-of-way parcel. TECO has agreed to the County’s request and has approved and executed a Subordination Agreement for the parcel encumbered with said easement. Approving the Subordination Agreement will authorize the Chairman to execute the document and allow its recordation, which will allow the County to fully utilize the parcel for the project.
RECOMMENDATION
Request Board approve the above-mentioned Subordination Agreement.
FISCAL IMPACT
No fiscal impact.
CONTACT INFORMATION
R. Wade Allen, Director
Real Estate Services
863-534-2577