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Home My WebLink AboutCity of Tamarac Resolution R-99-151Temp. Reso. # 8637, May 20, 1999 1 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-99- -� 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 #S960456 FROM SUN TRUST BANK, MIAMI, N.A. IN THE AMOUNT OF $30,565.00 FOR THE WATER DISTRIBUTION SYSTEM IMPROVEMENTS INSTALLED BY LENNAR HOMES, INC., FOR THE KING'S POINT COMMERCIAL PLAZA PROJECT LOCATED ON THE SOUTHEAST CORNER OF NOB HILL ROAD AND NW 77" STREET; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Lennar Homes, Inc. has constructed the King's Point Commercial Plaza Project located on the southeast corner of Nob Hill Road and NW 77th Street (attached hereto in map form as "Exhibit 1 ") and has installed the Water Distribution System Improvements; and WHEREAS, the Water and Sewer Developer's Agreement accepted and executed by the City of Tamarac on June 12, 1996 for the King's Point Commercial Plaza Project requires Lennar Homes, Inc., to provide a Performance Bond (attached hereto as "Exhibit 2") to the City of Tamarac for Water Distribution System Improvements; and Temp. Reso. #8637, May 20, 1999 2 WHEREAS, the improvements were inspected, approved and are recommended for acceptance by the Utilities Engineering Division, and WHEREAS, the Bill of Sale Absolute for this project was accepted and executed by the City Commission on May 13, 1998, which began the one-year warranty period on this date, and the Public Improvement Performance Bond was left in place for the one- year warranty period; and WHEREAS, it is the recommendation of the Director of Utilities that the Public Improvement Performance Bond be released for the King's Point Commercial Plaza Project Water Distribution 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 from Lennar Homess, Inc. for the King's Point Commercial Plaza Project Water Distribution System Improvements and waive the one- year Warranty Bond. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA: 1 F-� Temp. Reso. #8637, May 20, 1999 3 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 to release the Public Improvement Performance Bond in the amount of $30,565.00 for the Water Distribution System Improvements for the King's Point Commercial Plaza Project. SECTION 3: That the City Clerk is hereby authorized and directed to release to the Utilities Department for return to Lennar Homes, Inc., the Public Improvement Performance Bond for the King's Point Commercial Plaza Project. The bond is in the form of a Irrevocable Standby Letter of Credit #S960456 issued by Sun Trust Bank, Miami, N.A. in the amount of $30,565.00 for the Water Distribution System Improvements installed for the King's Point Commercial Plaza Project, located on the southeast corner of Nab Hill Road and NW 771h Street. SECTION 4: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. 1 Temp. Reso. #8637, May 20, 1999 4 SECTION 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�� day of (IL 1999. ATTEST: CAROL GOILD, CMC/AAE CITY CLERK I HEREB CERTIFY that I have approv d t is ESOLUTION as to for . MW/krs/tk ITCHELL S. KF CITY ATTORN JOE SCHREIBER MAYOR RECORD OF COMMISS MAYOR SCHREIBER DIST 1: COMM. PORTNI DIST 2: V/M MISHKIN DIST 3: COMM. SULTAN DIST 4: _._COMM. ROBER' III • • 11 EXHIBIT 1 TEMP. RESO. # 8637 L i/ ROCKFORD TR28 s6x6 TR29 r< u v j Y❑RKSHIRE TR30 > a WELD❑N a w a LJ 3 � m LAND SE 5 7-7 76 ¢ CT °' 77 a 76 sr ST WEST LAKE VILLAS H j > �� a \ _J KINGS P❑INT � 75 CT �+ WESTW❑❑D r--� SALES CENTER // 04 PINES j & CLUB HOUSE SPRING LAKE II �4 >S T R 3 7 �Q KINGS PT. j j >5 Sr PR❑F. PLAZA p� DAP X,/ w /j// LOCATION 74 CT s� WESTW❑❑ 310, ASHM❑NT CIR ��CFd�T L�R NORTH 95 o W. BELF❑RT ASHM❑NT 73 C7 BF-L CIR S��TN 73 ST O WIDDEN TR42 = SECTI❑N 21 TR40 HOLLOW 72 CT r jj ti NUB HILL/ 1 WESTW❑❑D PLAT > TR4I MP L POINT PLAZA g 72 ST WESTW❑OD DR 71 ST 7d r o 71 ST fy 71 ST W j / 70 PL SECTI❑N 22 1 0 0 ] r SECTI❑N 21 j/ 70 PL m !� ESTW❑❑D 4 Q, 70 CT r c /// j/ 3 m %/ r a w � a of WE TW❑❑D 0 70 ST T / m 70 ST 70 ST ri. 70 ST (r, MCNAB ROAD J & J PLAT TAMARAC MARKET PLACE u CD > m 68 PL TAMARAC GARDENS In g JW � TAMA AC GAR ENS EA T KPC❑MMPL,DWG KING'S POINT COMMERCIAL PLAZA PERFORMANCE BOND RELEASE OiLsr aTW. - "Exhibit .2.^ "t:. SLJ!YTat SUNTRUST MIAMI, N.A. IRREVOCABLE STANDBY LETTER OF CREDIT NO. S960456 JUNE 14, 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 30,565.00 DATE OF EXPIRY : JUNE 14, 1997 PLACE OF EXPIRY: AT OUR COUNTERS BY ORDER OF OUR CLIENT, LENNAR HOMES INC., 700 N.W. 107TH AVENUE, MIAMI, FL 33172, WE HERESY OPEN OUR IRREVOCABLE LETTER OF CREDIT NUMBER S960456 IN YOUR FAVOR FOR AN AMOUNT NOT TO EXCEED IN THE AGGREGATE U.S. DOLLARS USD 30,565.00 (THIRTY THOUSAND FIVE HUNDRED SIXTY FIVE 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 IMPROVEMENTS OF THE CITY OF TAMARAC FOR THE INSTALLATION OF PUBLIC IMPROVEMENTS INDICATED ON CERTIFIED COST ESTIMATE DATE JUNE 05, 1996 AND APPROVED BY THE CITY ENGINEER FOR WATER INSTALLATION FOR KINGS POINT RETAIL PLAZA 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." C] 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 SLIN lk" A R _Z7 LI T ST_ T-7 'THE PRESENTED ORIGINWITH -ANYAL LETTERDRAWING'bF'CREDHEREUNDEIT AND ALL AMENDMENTS', MUST BE 'R. 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 IF PRESENTED AT THIS OFFICE ON OR BEFORE THE EXPIRATION DATE OF THIS LETTER OF CREDIT OR ANY EXTENDED DATE-AS,.PROVIDED-,FOR HEREIN., ALL"DRAFT(S)"DRAWN UNDER THIS CREDIT MUST BE MARKED: "DRAWN UNDER SUNTRUST,MIAMI,N.A., LETTER OF CREDIT NUMBER S960456." UNLESS EXgRTE&ESLY 9q%TED.OTHERWISE,,THIS LETTER OF CREDIT IS SUBJECT'T IFO*4 CUSTOMS AND -PRACTICE (1993 REVISION) INRNATIONALARAMBEIJ OF COMMERCE PUBLICATION NUMBER 500, UK ANY REV_ 40 ON'SUP C ING PUBLICATION NUMBER 500. SUNTRUST NAL SER ICES, INC. ACTING AS -AGENT FOR SUNTRUST BANK, MIAMI, N.A. 306 i TM k MCM Mce Resident L -A xr 7 71, - 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 SuNTRuST JULY 17, 1996 AMENDMENT TO IRREVOCABLE LETTER OF CREDIT S960456 BENEFICIARY: CITY OF TAMARAC 7525 N.W. 88TH AVE. TAMARAC, FL 33321 APPLICANT: LENNAR HOMES, INC. OUR LETTER OF CREDIT ::UMBER S960456 DATED JUNE 14, 1996 IS HEREBY AMENDED AS FOLLOWS: AMENDMENT NUMBER 001 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 COURIER OF OUR INTENT NOT TO RENEW FOR AN ADDITIONAL PERIOD, WHICH NOTICE MUST BE PROVIDED AT LEAST THIRTY (30) 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 NOTIFICATION • THAT IT MAY BE TERMINATED. ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. 11 THIS AMENDMENT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION 500, OR REVISION CURRENTLY IN EFFECT. 61UNATU HE SUNTRUST INT'L SERVICES ACTING AS AGENTS FOR SUNTRUST BANK MIAMI, N.A. 322 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 0 SUNTRUST • TO: CITY OF TAMARAC 7525 NW 88r14 AVE TAMARAC, FL 33321 ATT: CITY CLERK Our Letter of Credit Number: S960456 Amount USD: 30,565.00 Date of Issuance: JUNE 14, 1996. Applicant: LENNAR HOMES. INC. Final expiration date: JUNE 14. 1999. TO WHOM IT MAY CONCERN: NOTIFICATION OF NON-RENENVAL DATE: MAY 5, 1999 This letter will serve as our official notification that the above referenced letter of credit will not be renewed. This credit will expire at our counters on it's present expiry date (the final expiration date). We consider ourselves released of all liabilities as of the close of business on the final expiration date. This notification is being provided in compliance with the special condition of the letter of credit. Upon expiration, please return original letter of credit and any amendments for our files. If you have any questions concerning this matter, please feel free to contact our Letters of Credit Department, Customer Service Division at (305) 591-6250 quoting our reference number_ Thanking you in advance, We remain. Very truly yours, HANK I CONTRERAS resident and t,Ianager ers of Credit An+hertze ignatu SUNTRUSA INT'L SERVICES, INC. Acting as Agents for SunTrust, Miami, N.A. Cc: LENNAR HOMES. INC. 700 NW 107'" .Vv'FNl:E MIAMI, Fl. 33172 MS All Correspondence and communication snnultl be directed to our agent bun Frost International Services. i-c . 373�7 o-:t'. Avenue. 1 st Floor, Miami. Florida 33178 Swift: SNTRU3M Telex: 542210 SUNTRUST IRREVOCABLE LETTER OF CREDIT NUMBER S970413 APRIL 16, 1998 CITY OF TAMARAC 7525 N.W. 88TH AVE. TAMARAC, FL 33321 RE: OUR IRREVOCABLE LETTER OF CREDIT S970413 ISSUED: JUNE 23, 1997 CURRENT BALANCE: 10,000.00 U.S. DOLLARS ACCOUNT PARTY: LENNAR HOMES, INC. NEW EXPIRATION DATE: JUNE 23, 1999 DEAR CITY OF TAMARAC THIS IS TO NOTIFY YOU THAT THE ABOVE REFERENCED LETTER OF CREDIT HAS BEEN RENEWED FOR AN ADDITIONAL PERIOD AS STATED N THE TERMS AND CONDITIONS OF THE LETTER OF CREDIT. HIS IS A NOTIFICATION ONLY AND IS NOT AN AMENDMENT TO THE ORIGINAL LETTER OF CREDIT. IF YOU HAVE ANY QUESTIONS CONCERNING THIS LETTER OF CREDIT, PLEASE CALL OUR LATTER OF CREDIT DEPARTMENT AT (305) 591- 6250, REFERRING O OUR NEW LETTER OF CREDIT NUMBER S970413 AND THIS RENEW N TICE. S ELY, AUTHORIZED SIGNATURE SUNTRUST INTL SERVICES, INC. ACTING AS AGENTS FOR SUNTRUST BANK, MIAMI, N.A. 307 r CC: LENNAR HOMES, INC. 700 NW 107TH AVENUE MIAMI, FL 33172 s 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