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Home My WebLink AboutCity of Tamarac Resolution R-97-116Temp. Reso. # 7885 Page 1 May 21, 1997 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-97- 114 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO RELEASE A PERFORMANCE BOND, STANDBY LETTER OF CREDIT #S960280 IN THE AMOUNT OF $22,700.00 POSTED FOR PUBLIC IMPROVEMENTS AT KINGS POINT SOUTHAMPTON SUBJECT TO RECEIPT OF A WARRANTY BOND IN THE AMOUNT OF $10,000.00; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Lennar Homes, Inc., with SunTrust, as Surety, filed with the City, a Letter of Credit, #S960280, in the amount of $22,700.00 to guarantee drainage improvements at Kings Point Southampton, Nob Hill Road at Northwest 77th Street; and WHEREAS, The drainage facility has been inspected and found acceptable by the Public Works Engineering Division; and WHEREAS, It is the recommendation of the Public Works Director that the Performance Bond be released, subject to receipt of a Warranty Bond in the amount of $10,000.00 pursuant to City Code Section 10-156; and 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 Performance Bond, Standby Letter of Credit #5960280, in the amount of $22,700.00, posted for Public Improvements at Kings Point Southampton, subject to receipt of a Warranty Bond in the amount of $10,000.00. Temp. Reso. # 7885 Page 2 May 21, 1997 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 upon adoption hereof. SECTION 2: That the Letter of Credit #S960280 posted by Lennar Homes, Inc., as Principal, with SunTrust, as Surety, in the amount of $22,700.00 for public improvements at Kings Point Southampton is HEREBY RELEASED, subject to receipt of a Warranty Bond in the amount of $10,000.00. A copy of the Performance Bond is attached as "Exhibit 1 ". SECTION 3: That the appropriate City Officials are HEREBY AUTHORIZED to release the Performance Bond, Standby Letter of Credit #S960280, in the amount of $22,700.00 posted for public improvements at Kings Point Southampton subject to receipt of a Warranty Bond in the amount of $10,000.00. SECTION 4: All Resolutions or parts of Resolutions in conflict herewith are hereby repealed to the extent of such conflict. _FCTION 5: If any provision of this Resolution or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this Resolution that can be given effect without the invalid provision or application, and to this end the provisions of this Resolution are declared to be severable. SECTION 6: This Resolution shall become effective immediately upon its I [1 .. passage and adoption. PASSED, ADOPTED AND APPROVED this ? 9 ATTEST: CAROL A. EVANS CITY CLERK I HEREBY CERTIFY that I approved this RESOLUTION as to form. AACHELL S. K CITY ATTORNEY Agenda mtg 5/28/97 dk Temp. Reso. # 7885 Page 3 May 21, 1997 day of M 4 Y 1997. - (� -4:& 4 JOE SCHREIBER MAYOR RECORD OF COMMISSION MAYOR --aCHREIBER DIST 1: COMM. McKAYE DIST 2: VIM MISHKIN DIST 3: C0MM. SULTANOF DIST 4: COMM. ROB RTS TEMP.-REMO Ha. SuNTRusT SUNTRUST MIAMI, N.A. IRREVOCABLE STANDBY LETTER OF CREDIT NO. S960280 APRIL 11, 1996 BENEFICIARY: CITY OF TAMARAC 7525 N.W. 88TH AVE. TAMARAC, FL. 33321 APPLICANT: LENNAR HOMES, INC. 700 NW 107TH AVENUE MIAMI, FL 33172 AMOUNT: USD 22,700.00 DATE OF EXPIRY : APRIL 10, 1997 PLACE OF EXPIRY: AT OUR COUNTERS BY ORDER OF OUR CLIENT, LENNAR HOMES INC., 700 N.W. 107TH AVENUE, MIAMI, FL 33172, WE HEREBY OPEN OUR IRREVOCABLE LETTER OF CREDIT NUMBER S960280 IN YOUR FAVOR FOR AN AMOUNT NOT TO EXCEED IN THE AGGREGATE U.S. DOLLARS USD 22,700.00 (TWENTY TWO THOUSAND SEVEN HUNDRED AND 00/100 U.S. DOLLARS) EFFECTIVE IMMEDIATELY AND EXPIRING AS STATED HEREIN AT OUR SUNTRUST,MIAMI, N.A., 3737 NW 87TH AVENUE, MIAMI, FL. 33178 OFFICE. WITHOUT OBLIGATION ON OUR PART, WE ARE ADVISED THAT THIS IRREVOCABLE LETTER OF CREDIT IS TO ENSURE THE CORRECTION OF ALL INSUFFICIENCIES IN DESIGN, WORKMANSHIP AND/OR MATERIALS WHICH ARE FOUND WITHIN (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 DATE JANUARY 30,1996 AND APPROVED BY THE CITY ENGINEER FOR DRAINAGE INSTALLATION FOR SOUTHAMPTON AND DEVELOPER'S OBLIGATION TO COMPLY WITH THE REQUIREMENT OF TAMARAC CITY CODE SECTION 10-156. THE CITY IS AUTHORIZED TO DRAW DRAFTS AT SIGHT ACCOMPANIED BY A SIGNED STATEMENT FROM THE CITY OF TAMARAC OR ITS' AUTHORIZED REPRESENTATIVE THAT: "THE UNDERSIGNED, AN AUTHORIZED REPRESENTATIVE OF THE CITY OF TAMARAC, HEREBY CERTIFIES THAT: (A) THE DRAWING IS DUE TO LENNAR HOMES, INC.'S FAILURE 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 PUBLIC IMPROVEMENTS BY THE CITY COMMISSION OF THE CITY OF TAMARAC, OR (B) THAT THE DEVELOPER'S OBLIGATIONS HAVE NOT BEEN COMPLETED, OR THE CITY OF TAMARAC HAS BEEN NOTIFIED THAT THE BOND WILL NOT BE EXTENDED, OR (C) THAT THE CITY OF TAMARAC HAS BEEN NOTIFIED THAT THE BOND WILL NOT BE EXTENDED." THE ORIGINAL LETTER OF CREDIT MUST BE PRESENTED WITH ANY DRAWING IVCONTINUED ON NEXT PAGE All correspondence and communication should be directed to our agent SunTrust International Services, Inc., 3737 N.W. 87th Avenue, Miami, Florida 33178 Swift: SNBOUS3M Telex: 6734609 C/ V IqjS/ T / r CERTIFIED ACTUAL. COST TEMPAES0. No.� Page 1 of 9 r • PROJECT NAME: Southampton PROJECT NO. 881205C DEVELOPER: Lenner Homes, Inc. FILE NAME 48culvCA.wk4 TOTAL COST FEE AMOUNT Private Public % FEE Private Pub c Site Preparation- 7.15 ?Fa—ving and Drainage $40,000.00 8.25 3,300.00 Sewage Collection a 8.25 7. t 5 Water Distribution Sidewalks, Curb & Gutter 8.25 Street, Median cuts ' See below ! Each' Landsca in 7,15 [Asphalt resurfacing 2,00 Clearing and Grubbing 7.15 TOTALS: a $40,000.00 $3,300.00 TOTAL public Improvements from the estimated cost $22,700.00 TOTAL Fee: $3,300.00 LESS fees rev'I aid: $1.872.75 BALANCE due to City: $1.427.25 vcn r rrlvm r S: I hereby certify that th'A cost is true and correct to the best of my knowledge and belief and represents the total site development costs for the project. Q50 4W 33256 ate Ja es A ele, .E. Pro Bct —Engineer Rag. No. Public Improvement Warranty Bond from the greater of a) or b) above. �J_ „�� max, co i-- 3 /.? -7_.<m Cost = $40.000.00 X 25% m $10,000.00 :� Approved by the City Engineer: Date: 3 r 7 Remarks: ' Streets more than 2 years old, $50.00 x number of lanes ( ) Median cut with stacking lane, $260.00 x number of median cuts ( ) Median cut w/o stack lane, w/curb cut, $200.00 x no of median cuts Median cut w/o stack lane or curb cut, $50.00 x no of median cuts Jack and Bore, 75% of above (Reso. 83-130) :< A/K 1/53 HB/LK/KJ/E5 030790 LE NNAR HOMES --LAND-HOLDING CO.. —ADULT ADULT 532642 '700 NoWs, 107TH.. AVENUE MIAMIs = IFL .33172 ez-ze .. %m FWM NatkwW 5mk at Cliff -07IQ .. chwatc.ubm" - date check no. 4/04/97 SIZ642 EXACTLY $19427 DOLLARS AND 25 CENTS Pry.CN TMo4o FCC N.aaM So" . WdWnq n. Dd. $1y427.25 17 Pay Autttodied Repraeentative to CITY OF TAMARAC the ISZ5 NeWe OBTI4 AVENUE order TAMARAC FL 33321-0000 • 7 �• P.S. N3 TEMP. RES0. 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