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Home My WebLink AboutCity of Tamarac Resolution R-96-090Temp. Reso. # 7382 - April 3, 1996 Revision #1 - April 26, 1996 Revision #2 - April 29, 1996 CITY OF TAMARAC RESOLUTION NO. R-96-� A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO RELEASE A ONE- YEAR WARRANTY BOND IN THE FORM OF AN IRREVOCABLE STANDBY LETTER OF CREDIT #528748 WITH AMENDMENT NO. 1 AND AMENDMENT NO.2 FROM COMERICA BANK IN THE AMOUNT OF $5,507.56 FROM LENNAR HOMES, INC., FOR THE WATER DISTRIBUTION AND SEWAGE COLLECTION IMPROVEMENTS IN WELDON PHASE IA LOCATED ON THE NORTHEAST CORNER OF N.W. 77TH STREET AND N.W. 96TH AVENUE; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Lennar Homes, Inc., is constructing Weldon Phase IA Project located on the northwest corner of NW 77th Street and NW 96th Avenue (attached hereto in map form as "Exhibit 1") and installed the Water Distribution and Sewage Collection System Improvements in accordance with the Site Plan approved by the City Commission on August 11, 1993; and WHEREAS, City Code Section 10-156 and the Water and Sewer Developer's Agreement accepted and executed by the City of Tamarac and Lennar Homes, Inc., on August 11, 1993, required Lennar Homes, Inc., to provide a one-year Warranty Bond to 1 Temp. Reso. # 7382 - April 3, 1996 Revision #1 - April 26, 1996 Revision #2 - April 29, 1996 the City of Tamarac for the Weldon Phase IA Water Distribution and Sewage Collection System Improvements after the release of a Performance Bond by the City Commission; and WHEREAS, on March 27, 1996, the City Commission authorized the release of the Performance Bond for the Water Distribution and Sewage Collection System Improvements and established the one-year warranty period commencing on May 15, 1995; and WHEREAS, L.ennar Homes, Inc., has requested the release of the Warranty Bond in the form of an Irrevocable Standby Letter of Credit #528748 with Amendment No. 1 and Amendment No. 2 by Comerica Bank in the amount of $5,607.56 issued to the City of Tamarac for the Water Distribution and Sewage Collection System Improvements installed in the Weldon Phase IA Project; and WHEREAS, the improvements were inspected, approved and are recommended for acceptance by the Utilities Engineering Division; and WHEREAS, it is the recommendation of the Director of Utilities that the Warranty Bond be released for the Weldon Phase IA Water Distribution and Sewage Collection System Improvements; and r. Temp. Reso. # 7382 - April 3, 1996 Revision #1 -April 26, 1996 Revision #2 - April 29, 1996 WHEREAS, the City Commission of the City of Tamarac, Florida deems it to be in the best interest of the citizens and residents of the City of Tamarac to release the Warranty Bond in the form of an Irrevocable Standby Letter of Credit # 528748 with Amendment No. 1 and Amendment No. 2 from Comerica Bank in the amount of $5,507.56 for the Water Distribution and Sewage Collection System Improvements installed by Lennar Homes, Inc. for the Weldon Phase IA Project. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA: SECTION 1: The foregoing "WHEREAS" clauses are hereby ratified and confirmed as being true and correct and are hereby made a specific part of this resolution. SECTIQN 2: That the appropriate City Officials are hereby authorized to release the one-year Public Improvement Warranty Bond (attached hereto as "Exhibit 2") in the form of an Irrevocable Standby Letter of Credit #528748 with Amendment No. 1 and Amendment No. 2 from Comerica Bank in the amount of $5,507.56 for the Water Distribution and Sewage Collection System Improvements installed by Lennar Homes for the Weldon Phase IA Project in accordance with Section 10-156 of the City Code. That the City Clerk is hereby authorized and directed to release to the Utilities Department the subject Public Improvement Bond for return to Lennar Homes, Inc., after the appropriate City Officials have released the Public Improvement Bond. 3 1 Temp. Reso. # 7382 - April 3, 1996 Revision #1 - April 26, 1996 Revision #2 - April 29, 1996 SECTION 4: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. SF.CIIQN 5: If any clause, section, other part or application of this Resolution is held by any court of competent jurisdiction to be unconstitutional or invalid, in part or application, it shall not affect the validity of the remaining portions or applications of this Resolution. SECTION 6: This Resolution shall become effective immediately upon its passage and adoption. PASSED, ADOPTED AND APPROVED this Q day of Maml, 199 b . ATTEST: CAROL A. EVANS, CMC CITY CLERK I HER BY CERTIFY that I h ap ov d this RESOLUTI as t form 1 ., MITCHELL "RAFT CITY ATTORNEY Utilities/dav 4 I �1.rlr� l �l ( I NORMAN ABRAMOWITZ. MAYOR MAYOR DIST. 1: DIST. 2: DIST. 3: DIST. 4: RECORD OF COMMISSION VOTE IZ_ y&- dO EXHIBIT I I le • KINGS PT.v� Q HUNTINGTON C❑MMER. PK. TR23 �v ROCKFORD r TRES z ATION p TH sITE GREENwQQp TAMARAC SPORTS COMPLEX 4 � $ TR27 EVANGELICAL COVENANT Q CHURCH Of TR33 J KINGS PT. PROF. PLAZA KINGS P❑INT SALES CENTER & CLUB HOUSE 2 iiii�i��i�i�� 80 PL = WESTW❑❑D 5A a TR29 Y❑RKSHIRE Ls TR30 �' w WELD❑N a 3 w 3 7 a m LAND SE 5 76 ¢ Cr n 76 sr ST WEST LAKE VILLAS > \\ m 75 CT ,,a, WESTWOOD q PINES PRIES LAKE I2 75 TR37 �o0 p` �6 DR 3 CD 74 CT S NORTH > $ElF'gRT G1R ¢ WESTW❑ 31A ASHMONT CIR m 95 W. g BELF❑RT ASHM❑NT 73 CT BED F❑R CxR SOUry 3 ST HIDDEN TR42 SECTION 21 j TR40 HOLLOW 72 CT i ti G� NO HILL/ > WESTW❑❑D PLAT TR41 s&\j / ¢ POINT PLAZA M 72 ST p"WESTWOOD 7� �� 7d 7j Sr o0 71 ST w 71 ST Q jj/ 70 PL SECTI❑N 22 o r > i- SECTI❑N 21 /j 7d yj�// a ¢ 70 CT / ESTW❑❑D 4 70 Li I- 7 w > a of WE TWOOD 3 j/ a M a, 70 ST CD S 70 ST 0 ST WELDROWB.DWG WELDON PHASE 1-A RELEASE OF WARRANTY BOND • TELEX: SWIFT: FAX. 164366 MNB INTL DET 170363 MNB INTL DET MNBD US 33 (313) 222-9115 "EXHIBIT 2" IRREVOCABLE STANDBY LETTER OF CREDIT BENEFICIARY: CITY OF TAMARAC 7525 N.W. 88TH AVE. TAMARAC, FLORIDA 33321 GENTLEMEN: i�- S6-�40 ONE DETROIT CENTER 500 WOODWARD AVENUE MC 3341 Letter or Credd Division DETROIT, MI 48226 DATE: JUNE 27, 1995 NO.: 528748 AMOUNT: $5,507.56 WE HEREBY OPEN OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 528748 IN YOUR FAVOR, FOR ACCOUNT OF LENNAR HOMES, INC., 700 N.W. 107TH AVE., MIAMI, FL 33172 FOR A SUM NOT EXCEEDING - Ism' TunrTci�DrD FIVE HUNDRED SEVEN ABM 56/100 U.S. DOLLARS AVAILABLE BY YOUR DRAFT AT SIGHT ON COMERICA BANK, WHEN ACCOMPANIED BY: " A STATEMENT SIGNED BY THE CITY OF TAMARAC OR ITS AUTHORIZED REPRESENTATIVE AS FOLLOWS: "WE CERTIFY THAT LENNAR HOMES, INC. SAS FAILED TO CORRECT ALL INSUFFICIENCIES IN DESIGN, WORKMANSHIP AND/OR MATERIALS WHICH ARE FOUND WITHIN ONE (1) YEAR OF THE DATE OF THE FORMAL ACCEPTANCE OF THE SUB -DIVISION IMPROVEMENTS OF THE CITY OF TAMARAC FOR THE INSTALLATION OF PUBLIC IMPROVEMENTS INDICATED ON CERTIFIED COST ESTIMATE DATED APRIL 19, 1995 AND APPROVED BY THE CITY ENGINEER FOR THE SEWER COLLECTION INSTALLATION FOR WELDON PHASE IA (PROJECT 4w881205-J) AND DEVELOPER'S OBLIGATION TO COMPLY WITH THE REQUIREMENTS OF TAMARAC CITY CODE SECTION 10-156." IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL -'SE DEEMED AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE YEAR PERIODS FROM THE EXPIRATION DATE HEREOF, OR ANY FUTURE EXPIRATION DATE, UNLESS AT LEAST SIXTY (60) DAYS PRIOR TO ANY EXPIRATION DATE WE SHALL NOTIFY YOU BY REGISTERED MAIL THAT WE ELECT NOT TO CONSIDER THIS LETTER OF CREDIT RENEWED FOR ANY SUCH ADDITIONAL PERIOD_ UPON RECEIPT BY YOU OF SUCH NOTICE, YOU MAY DRAW HEREUNDER BY PRESENTING YOUR SIGHT DRAFT DRAWN ON US WHEN ACCOMPANIED BY THE SIGNED STATEMENT AS INDICATED ABOVE OR A STATEMENT SIGNED BY THE CITY OF TAMARAC OR ITS AUTHORIZED REPRESENTATIVE AS FOLLOWS: "WE CERTIFY THAT WE HAVE BEEN NOTIFIED IN WRITING BY COMERICA BANK, OF THEIR ELECTION NOT TO RENEW THEIR LETTER OF CREDIT NO. 528748 AND THAT A WARRANTY BOND REQUIRED BY THE TAMARAC CITY CODE HAS NOT BEEN PROVIDED". ALL DRAFTS DRAWN UNDER THIS CREDIT MUST BE MARKED "DRAWN UNDER COMERICA BANK'S LETTER OF CREDIT NO. 528748." THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE, PUBLI CATION NO. 500. THIS ORIGINAL LETTER OF CREDIT AND ALL AMENDMENTS THERETO MUST BE SUBMITTED TO US TOGETHER WITH ANY DRAWINGS HEREUNDER FOR OUR ENDORSEMENT OF ANY PAYMENTS EFFECTED BY U5 AND/OR FOR CANCELLATION. WE ENGAGE WITH YOU THAT EACH DRAFT DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED ON DELIVERY OF THE DOCUMENTS AS SPECIFIED IF PRESENTED AT THIS OFFICE ON OR BEFORE JUNE 26, 1996 OR ANY AUTOMATICALLY EXTENDED DATE. YOURS VERY TRULY, AUTHORIZED I NA Page 1 of 3 "F.XI-iIBIT 21r • TELEX: 3772134 MNB INTL DET 16BD 33 MINTL DET SWIFT: MNBD US 33 FAX: (313)222-9115 AMENDMENT TO LETTER OF CREDIT =Y 24, 1995 BENEFICIARY: CITY OF TAMARAC 7525 N.W. 88TH AVE. TAMARAC, FL 33321 �s �,,Jyc MAH Letter of Credit Division ONE DETROIT CENTER 500 WOODWARD AVENUE P.Q. BOX 75000 DETROIT, MI 48275-3341 CREDIT NUMBER OF ISSUING BANK: 528748 APPLICANT: LENNAR HOMES, INC. 700 N.W. 107TH AVE. MIAMI, FLORIDA 33172 AMENDMENT NUMBER: 01 THIS AMENDMENT IS TO BE CONSIDERED AS PART OF THE ABOVE CREDIT AND MUST BE ATTACHED THERETO. GENTLEMEN- IN ACCORDANCE WITH INSTRUCTIONS RECEIVED FROM OUR PRINCIPALS, THE ABOVE CAPTIONED CREDIT HAS BEEN AMENDED AS FOLLOWS: PLEASE NOTE THE FOLLOWING ADDITION: THE SEVENTH LINE OF THE SECOND PARAGRAPH MUST NOW READ AS FOLLOWS: "...CITY ENGINEER FOR THE SEWER COLLECTION INSTALLATION & WATER DISTRIBUTION FOR WELDON PHASE 1 (PROJECT ... 11 ALL OTHER TERMS AND CONDITIONS REMA] Page 2 of 3 "EXHIBIT 2" TELEX: 3772134 MNB INTL DET 164365 MINTL DET SWIFT: MD US 33 33 FAX: (313)222-9115 AMENDMENT TO LETTER OF CREDIT AUGUST 22, 1995 BENEFICIARY: CITY OF TAMARAC 7525 N.W. 88TH AVE. TAMA.I7AC , FL 33321 GMM Latter of Credit Division ONE DETROIT CENTER 500 WOODWARD AVENUE P.O. BOX 75000 DETROIT, MI 48275-3341 CREDIT NUMBER OF ISSUING BANK: 528748 APPLICANT: LENNAR HOMES, INC. 700 N.W. 107TH AVE. MIAMI, FLORIDA 33172 AMENDMENT NUMBER: 02 THIS AMENDMENT IS TO BE CONSIDERED AS PART OF THE ABOVE CREDIT AND MUST BE ATTACHED THERETO. GENTLEMEN: IN ACCORDANCE WITH INSTRUCTIONS RECEIVED FROM OUR PRINCIPALS, THE ABOVE CAPTIONED CREDIT HAS BEEN AMENDED AS FOLLOWS: PLEASE NOTE THE FOLLOWING ADDITION: THE SEVENTH LINE OF THE SECOND PARAGRAPH MUST NOW READ AS FOLLOWS: "...CITY ENGINEER FOR THE SEWER COLLECTION INSTALLATION & WATER DISTRIBUTION FOR WELDON PHASE 1A (PROJECT..." ALL OTHER TERMS A"STD CONDITIONS Al Page 3 of 3