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Home My WebLink AboutCity of Tamarac Resolution R-2001-0611 11 u Temp. Reso. #9305 March 2, 2001 1 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-2001-( I A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO RELEASE A PUBLIC IMPROVEMENT PERFORMANCE BOND IN THE FORM OF AN IRREVOCABLE STANDBY LETTER OF CREDIT #231 FROM HARBOR FEDERAL SAVINGS BANK IN THE AMOUNT OF $24,903.75, SUBJECT TO THE RECEIPT OF A ONE-YEAR WARRANTY BOND IN THE AMOUNT OF $7,406.62 FOR THE WATER DISTRIBUTION AND SEWAGE COLLECTION SYSTEM IMPROVEMENTS INSTALLED BY WYNNE BUILDING CORPORATION FOR THE HAMPTON INN HOTEL PROJECT LOCATED ON THE NORTHEAST CORNER OF COMMERCIAL BOULEVARD AND NW 47T" TERRACE; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Wynne Building Corporation has constructed the Hampton Inn Hotel Project and installed the Water Distribution and Sewage Collection System Improvements in accordance with the Site Plan approved by the City Commission on October 13, 1999; and WHEREAS, the Water and Sewer Developer's Agreement accepted and executed by the City of Tamarac, requires Wynne Building Corporation to provide a Warranty Bond to the City of Tamarac for the Hampton Inn Hotel Project Water Distribution and Sewage Collection System Improvements located on the northeast corner of Commercial Boulevard Temp. Reso. #9305 March 2, 2001 2 and NW 471h Terrace (a copy of which is attached hereto in map form as "Exhibit 1" ); and WHEREAS, Wynne Building Corporation has requested the release of a Public Improvement Performance Bond in the form of an Irrevocable Standby Letter of Credit #231 from Harbor Federal Savings Bank, in the amount of $24,903.75 (a copy of which is attached hereto as "Exhibit 2") subject to the receipt of a Warranty Bond in the amount of $7,406.62 to the City of Tamarac for the Water Distribution and Sewage Collection System Improvements installed for the Hampton Inn Hotel Project; and WHEREAS, the improvements were inspected, approved and are recommended for acceptance for a one-year warranty period by the Utilities Engineering Division; and WHEREAS, it is the recommendation of the Director of Utilities that the Public Improvement Performance Bond be released for the Hampton Inn Hotel Project Water Distribution and Sewage Collection System Improvements; 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 Public Improvement Performance Bond subject to the receipt of a Warranty Bond from 1 �1 11 1 Temp. Reso. #9305 March 2, 2001 3 Wynne Building Corporation for the Hampton Inn Hotel Project Water Distribution and Sewage Collection System Improvements. 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. SECTION 2: That the appropriate City Officials are hereby authorized and directed to release a Public Improvement Performance Bond in the form of an Irrevocable Standby Letter of Credit #231 from Harbor Federal Saving Bank, in the amount of $24,903.75, subject to the receipt and acceptance of a Warranty Bond for the Water Distribution and Sewage Collection System Improvements in the amount of $7,406.62 for the Hampton Inn Hotel Project located on the northeast corner of Commercial Boulevard and NW 47`h Terrace in accordance with Section 10-156 of the City Code. SECTION 3: All resolutions or parts of resolutions in conflict herewith are 1 1 Temp. Reso. #9305 March 2, 2001 4 hereby repealed to the extent of such conflict. SECTION 4: 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. ..Fr.TinN n passage and adoption. This Resolution shall become effective immediately upon its PASSED, ADOPTED AND APPROVED this 281" day of March,, 2001. JOE SCHREIBER MAYOR ATTEST: MARION 6WENSON, CMC CITY CLERK I HEREBY CERTIFY that I have to f r;7 t RE ,O /) TIZ as TR/DM/mg MITCHELL A.,4RX CITY AT RNEY RECORD OF COMMISSION VOTE: MAYOR SCHREIBER DIST 1: COMM. PORTNER DIST 2: COMM. MISHKIN DIST 3: V/M SULTANOF DIST 4: COMM. ROBERTS EXHIBIT 1 TEMP. RESO. # g3o5 W c y W I I I T£R W y W W W W W W I W SA AL PALM, W GOLF C❑URSE W W W W W W W y\ .y W. y W W ,�.�� LAKESIDE Q a J '� W\ •`\J I'IIII11 \��\ LAKESIDE DR r W I I I I IIII J E3 Q WINDS ND LJ <I AST❑RIA DINER z CLUB �a 53 S. Vol y 4W L� C E ( Q� \ Al \\ L u a a ¢� W .9A a� P.1 so �/ r�O SITE �\ -P LOCATION0 pGRANTS " W L y o\ (SUNSHINE PLAZA) TAMARAC ANIMAL H❑SP, SEC 5A W b1 49 CT GABLES w MIDAS acy NATIONS BANK M❑BILE BANK o W4J IJK r j ¢� J AM❑C❑ �j r BUNNING 7 49 CT ¢ F a w ¢ r ¢ 3 / -i `� F o BUD'S z Wr FLORIST z Jcn CY w ~ v m (1) cu pZ / z A DUNKIN' DONUT 7- ¢w 0 ~ w 49 ST 49 ST j �2 1 GINA'S 49 St ` DR �48 CT j/ �P�� PLAZA �^ SEC 2 ZNIAND DR 4 P MP 48 a % m / n¢N S. / mJ a 47 CT j va ]HOP 47 CT ��" 47 CT r m /I 47 ST ° 47 ST 47 ST / a j% �¢ / // 46 ST W 46 ST 45 CT // ~ 45 CT ¢ g j u-) SEC 4A i W W W W SEC 3 W W W W W W r° 45 ST W 7 ~ 44 ST / HAMP_INN.DWG HAMPTON INN HOTEL PERFORMANCE BOND RELEASE EXHIBIT 2 Main Office �. 100 S Second Street Harbor PO Box 249 Federal p Fort Pierce, FL 4 December 22, 1999 Telephone: (561) 4b1-2412414 Beneficiary: Applicant: City of Tamarac Wynne Building Corporation 7525 NW 8e Avenue 8000 South US Hwy 1, Suite 402 Tamarac, FL 33321 Port St. Lucie, FL 34952 Amount of USD: Date of Expiry: Place of Expiry: Gentlemen: Irrevocable Standby Letter of Credit No. 231 $24,903.75 December 22, 2000 At Our Counters By order of our client, Wynne Building Corporation, 8000 South US Hwy 1, Suite 402, Port St. Lucie; FL 34952, we hereby open our Irrevocable Letter of Credit Number 231 in your favor for an amount not to exceed in the aggregate U.S. Dollars USD $24,903.75 (Twenty Four Thousand Nine Hundred. Three. and 75/100 U.S. Dollars) effective immediately and expiring as stated herein at our Harbor Federal Savings Bank, 100 South Second Street, Fort Pierce, FL 34950. 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 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 and approved by the utility engineer for water and sewer construction for Hampton Inn and Developer's obligation to comply with the requirement of Tamarac City Code Section 10-156. The City is authorized to drawn 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 Wynne Building Corporation'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 hereunder. ELlNDlRWAI =cII weM Harbor Federal Revision Date: January 3, 2000 City of Tamarac 7525 NW 88 h Avenue Tamarac, FL 33321 Amendment to Irrevocable Letter of Credit No. #231 Wynne Building Corporation Dear Sir and/or Madam: Main Office P.O. Box 249 100 South Second Street Fort Pierce, Florida 34954 Telephone: (407) 461-2414 Please be advised that the subject Letter of Credit #231 has been amended as follows: (A) The drawing is due to Applicants failure to construct the public improvements. All other terms and conditions of the Letter of Credit #231 shall remain unchanged and shall remain in full force and effect, a copy of which is attached hereto and by reference is made a part hereof. Very truly yours, HARBOR FEDERAL SAVINGS BANK Ze.Overton Vice President y EWM MOUSING FDIC INSURED HARBOR FEDERAL SAVINGS BANK, FORT PIERCE, FLORIDA LENDER Irrevocable Letter of Credit No. 231 December 22, 1999 This Letter of Credit shall be automatically renewed, without amendment. For successive periods of one(1) year each, unless we provide written notice to the City Clerk via registered mail, or special courier, that we elect not to renew the credit for an additional period, which notice must be provided at least sixty (60) days prior to the expiration date of the original term hereof or any renewed one (1) year term, or unless the City of Tamarac returns the original Letter of Credit together with written notification that it may be terminated prior to the then current expiration date. We engage with you that each draft drawn under and in strict compliance with the terms and conditions of this Letter of Credit will be duly honored is presented at this office on or before the expiration date of this Letter of Credit or an extended date as provided for herein. All drafts drawn under the Credit must be marked: "Drawn under Harbor Federal Savings Bank Letter of Credit Number 231". Unless expressly stated otherwise, this Letter of Credit is subject to the Uniform Customs and Practice (1993 Revision) International Chamber of Commerce Publication Number 500, or any revision superceding Publication Number 500. Harbor Federal Savings Bank �c Donna A. Rice, Vice President nHarbor Federal - Revision Date: January 3, 2000 City of Tamarac 7525 NW 88a' Avenue Tamarac, FL 33321 Amendment to Irrevocable Letter of Credit No. #231 Wynne Building Corporation Dear Sir and/or Madam: Main Office P.O. Box 249 100 South Second Street Fort Pierce, Florida 34954 Telephone: (407) 461-2414 Please be advised that the subject Letter of Credit #231 has been amended as follows: (A) The drawing is due to Applicants failure to construct the public improvements. All other terms and conditions of the Letter of Credit #231 shall remain unchanged and shall remain in full force and effect, a copy of which is attached hereto and by reference is made a part hereof. Very truly yours, HARBOR FEDERAL SAVINGS BANK ZeVOverton Vice President �� FOUX HOSES" FDIC INSURED HARBOR FEDERAL SAVINGS BANK, FORT PIERCE, FLORIDA LENDER