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Home My WebLink AboutCity of Tamarac Resolution (121)Temp. Reso. 9747 — May 8, 2002 Page 1 of 1 CITY OF T� RESOLUTI A RESOLUTION OF TH CITY OF TAMARAC, APPROPRIATE CITY WARRANTY BOND IN CREDIT #L010740 FROI THE AMOUNT OF $1,3" HOLDINGS, INC. FOR EASTBOUND RIGHT TUI BETWEEN N.W 70TH AV[ PROVIDING FOR CC SEVERABILITY; AND PF DATE. , FLORIDA NO. R-2002-121 CITY COMMISSION OF THE LORIDA, AUTHORIZING THE )FFICIALS TO RELEASE A THE FORM OF LETTER OF I UNION PLANTERS BANK, IN ).00 POSTED BY PARKWOOD rHE CONSTRUCTION OF AN N LANE ON N.W. 57T" STREET NUE AND N.W. 66T" TERRACE; NFLICTS; PROVIDING FOR OVIDING FOR AN EFFECTIVE WHEREAS, Parkwood Holdings, Inc. has filed with the City of Tamarac a Warranty Bond in the form of Letter of redit #L010740, in the amount of $1,320.00 to guarantee construction of an eastbou right turn lane on N.W. 57th Street between N.W. 70TH Avenue and N.W. 66th Terra4e, a copy of said letter of credit attached hereto as Exhibit "A"; and WHEREAS, As part of the Parkwood at Colony West project, Parkwood Holdings, Inc. was required by BrowarO County to construct an eastbound right turn lane within the public right-of-way of N.\N. 57th Street as an off -site improvement; and WHEREAS, the construction of On eastbound right turn lane on N.W. 57T" Street has been inspected and found acceptoble by the Public Works Engineering Division; and 1 Temp. Reso. 9747 — May 8, 2002 Page 2 of 2 WHEREAS, pursuant to City Code Section 10-156, this Public Improvement Warranty Bond in the form of Letter of Credit #L010740, has remained in place for the required one (1) year period; and WHEREAS, it is the recommendation of the Public Works Director and the Assistant City Engineer that this Public Improvement Warranty Bond be released; 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 this Warranty Bond in the form of, Letter of Credit #L010740, in the amount of $1,320.00, posted by Parkwood Holdings, Inc. for the construction of an eastbound right turn lane on N.W. 57t" Street. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA THAT: 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. Section 2: The appropriate City Officials are hereby authorized to release Warranty Bond in the form of Letter of Credit #L010740, in the amount of $1,320.00 posted by Parkwood Holdings, Inc. for the construction of an eastbound 'right turn lane into Riverside Funeral Home on N.W. 57t" Street. Section 3: That all Resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. 1 Temp. Reso. 9747 — May 8, 2002 Page 3 of 3 Section 4: If any clause, secti held by any court of competent jurisdi application, it shall not affect the validit Resolution. , other part or application of this Resolution is to be unconstitutional or invalid, in part or of the remaining portions or applications of this Section 5: This Resolution shall become effective immediately upon its passage and adoption. I PASSED, ADOPTED, AND P PPROVED this 8t" day of May, 2002. ATTEST: MARION 8WENSON, CMC CITY CLERK I HEREBY CERTIFY that I have approved this RF.&OLLWION as to form. ITCHELL S. KF CITY ATTORN 1 JOE SCHREIBER MAYOR OF COMMISSION VOTE: MYOR SCHREIBER A -ye,, DI10T 1: V/M. PORTNER_Ay& DI,OT 2: COMM. MISHKIN_Fxc� P*T 3: COMM. SULTANOF_Aye, DI$T 4: COMM. ROBERTS_A-M EXHIBIT "A" Temp. Reso. #9747 Page 1 of 4 FOR APPROVAL ONLY - WARRANTY BOND Item Title: NW 57th STREET TURN LAND --- WARRANTY BOND IN THE FORF A IRREVOCABLE LETTER OF CREDIT PLO10740_- FROM UNION PLANTERS BANK IN THE AMOUNT OF $1 320.00. JHE PROJECT IS LOCATED ON NW 57th STREET AT RIVERSIDE FUNERAL HOOE. The initiating Division is to place a number between the parentheses ( ) below, beginning with 1, to indicate the routing order of each department that must initial their approval in order for this item to be accepted by the City. Department Initials for Approval Date (1) Public Works/Engineering Z to (2) Risk Management (3) City Attorney (4) City Clerk (Please 0 XC y/z(, Return approved form to Public Works Engineering) Initiating Division's Signature: '40 Date:-- C .z7 Ovvmbi Jo Jl L1 Sa4M �(i8r1d Z0 ;Z Rd d- do rn EXHIBIT "A" Temp. Reso. #9747 Page 2 of 4 ?.vOl MAR 2 7 P�1 . UNIn PL NTERS BAN K 9700 N.W. 112 Avenk P, Miami, Florida 33178 RECEIVED Tel. 786-845-440o Fax 786-845.4782 S.W.I.F.T. Address UPNBU 4 • Telex 6737871 UPBMIA CIiY OF TAM�'.F�,�t�; CITY- MANAGER Date: Beneficiary: City of Tamarac 7525 NW 88" Avenue Tamarac, Florida 33321 Attn. Kristin L. McKew, Assistant to Applicant: icant: Parkwood Holdings, Inc. 2409 University Drive Coral Springs, Florida 33065-5123 26, 2001 ie City Manager OUR IRREVOCABLE LETTER OF CRED�T No. L010740 AMENDMENT No. 01 I Gentlemen, In accordance with instructions received 4om the above captioned applicant, the Letter of Credit is amended as follows: Under clause reading: A signed statemei authorized representatives stating that: 1) Clause A should read.• "The drawing correct a// insufficiencies /n design, k within one (1) year of the date of th by the City Commission of the City c Z) In Clause B the word 'been" should 'notified" 3) Clause C should read.• "That the City not be extended. " purportedly from The City of Tamarac or its due to Packwood Holdings, Inc failure to rkmansh/p and/or materials which are found formal acceptance of the pub& improvements Tamarac, or insertedbetween the words 'has "land Tamarac has been notified that the bond w111 All other terms and conditions remain un0hanged. This amendment is an integral part of thi$ Letter of Credit and must be attached hereto. This amendment is subject to the Uniform Customs and Practices for Documentary Credits (1993 Revision) ICC Publication 500. Sincerely, ORIGINAL AUTHORIZED SIGNATURE AUTHORIZED NATO E Z'�U` I ION February 26, 2001 Beneficiary: City of Tamarac 7525 NW 88th Avenue Tamarac, FL 33321 Gentlemen: EXHIBIT "A" Temp. Reso. #9747 PLANTER" BAN f<` e 3 of 4 1700 N.W. 1 2 Avenue, Miami, Florida 33178 Tel. 786-8 5-4400 • Fox 786-8A5-A782 S.W.I.F.T. Address PNBUS44 • Telex 6737871 UPBMIA We hereby establish our Irrevocable at the request of Parkwood Holdings 33065-5123 in the amount of $1,3� TWENTY & 00/ 100 U.S.DOLLARS). Letter of Credit No. L010740 Date and Place of Expiry: FEBRUARY 26, 2002 At Union Planters Bank counters. Standby Letter of Credit No. L010740 in your favor Inc., 2409 University Drive, Coral Springs, Florida ).00 (ONE THOUSAND THREE HUNDRED The purpose of this Irrevocable Lett of Credit is to insure installation of Public Improvements indicated on the certi ied cost estimate dated February 29, 2000. Funds under this Letter of Credit are available to you in one or more drawings against sight draft(s) drawn on Union Planters Bank, Miami, Florida mentioning our Letter of Credit No. L010740, Each draft must be accompanied by: A signed statement purportedly fro The City of Tamarac or its authorized ` representatives stating that: (a) The drawing is due to Parkwaod Holdings, Inc., failure to warranty the public improvements. (b) That the developer's obligations ave not been completed and The City of Tamarac Q has notified the bond will not be', xtended, or (c) That a warranty bond that is required by Tamarac City Code has not been provided It is a condition of this Letter of Crec it that it shall be deemed automatically extended, without amendment for successive r Priods of one (1) year each unless we provide written notice to the City Clerk via r gistered mail of our intent not to renew for an additional period, which notice musl be provided at least sixty (60) days prior to the expiration date of the original term reof or any renewed one (1) year term or unless The City of Tamarac returns the orig nal Letter of credit together with notification that it may be terminated. We hereby engage with you that all drafts and documents presented within the terms and conditions of the above mentioned Letter of Credit will be duly honored on presentation to us. This Standby Letter of Credit is subjoct to the Uniform Customs and Practice for Documentary Credits (1993 Revision International Chamber of Commerce Publication 500. Please address all your correspondeilce to Union Planters Bank, Attention International Operations, 9700 NW 112Th enue, Miami, Florida 33178 AUTHORIZED SIGNATURE AUTHORIZED SIGNATURE EXHIBIT "A" Temp. Reso. #9747 It Page 4 of 4 CITY F T AIVL4RAC CERTIFIE � COST ESTIMATE Development Review p'rojm Name: Develupelr. Engineer. Site CERTIFICATE: Joe Abna zinc (964-724-1375) �c� Aprlwn i tbNc % Fee Private V50.00 8.15 So.OQ SM00 &IS S0.00 !,W,90 8 25 SO-00 SO= 3.25 1 50.00 ti M.10 8.Z5 $0 on Each` - ;1 :�15•: 20D S0.00 71 ;5,2tt0.001 $0.00Y27.90 Total Fee. H27- Less Fees Previou Psid: 6alarxe Due to City: $427.90 I hereby certify ttiat this estimate is true and fftsm to the bast of my fmame4ge and belief and represents the total side development casts f r the project Date Engineers 94 L-/38v Reg. No. Public frnpmvement Performance Bona from it abc" (To be In place during construction): Cost = $5.2W_00 x 100% 1 36,280.00 Public irnpruvemeot Wxnvntp Bond from " bI" i tbam (To be in ptace lirr 1 year ft farwhV carrstruct r- Cast = $52W-00 x 2S% = $1,320.00 f &L Approve4 by City icnginear. Date: $L o I SlnWs more than 2 yeam alo, $50.00 x nu la------� — +w.7: •Yi- Median oA with St=Wq lane, $250.00 x WOW of rrOdien cuts Me6ran cut 4a stack, inne. wi curb cut. $200,w x no. of mown "as:fir;.. MWMCFEan Cat w/o SUCx LWW or curb a4 ti50O0 x na of medi0n cuts ja. is are. SQce. 75. rf 1i:�vr'Z�t'atiriu`� Taiilof Cai Est FBA.. iiw .{- "" Dv ,PAGE I of Form Wsuad 3WMq 1a. ism PO �. GS f3M I� N � •�•wti r �i.YArr(I �I,GC,�j � ,ti�a,j�,fti,nti �•�rv++.v, . v