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Home My WebLink AboutCity of Tamarac Resolution R-98-2379. ir I Temp. Reso.#8296 June 3, 1998, 1 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-98-.z___97 A RESOLUTION OF THE CITY COMMISSION AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO RELEASE A PUBLIC IMPROVEMENT PERFORMANCE BOND IN THE FORM OF AN IRREVOCABLE STANDBY LETTER OF CREDIT #M521566 FROM BARNETT BANK, NA,, IN THE AMOUNT OF $13,086.50 SUBJECT TO THE RECEIPT OF A ONE-YEAR WARRANTY BOND IN THE AMOUNT OF $6,821.25 FOR THE SEWAGE COLLECTION SYSTEM IMPROVEMENTS INSTALLED BY LENNAR HOMES, INC., FOR THE WELDON BUILDINGS E, F, AND I PROJECT LOCATED ON THE NORTHEAST CORNER OF NW 77T" STREET AND NW 96T" AVENUE; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Lennar Homes, Inc., has constructed Weldon Buildings E, F, and I and has installed the Sewage Collection System Improvements in accordance with the Site Plan approved by the City Commission on August 11, 1993; and WHEREAS, the Water and Sewer Developer's Agreement accepted and executed by the City of Tamarac on May 22, 1996, require Lennar Homes, Inc., to provide a one-year Warranty Bond to the City of Tamarac for the Weldon Buildings E, F, and I Sewage Collection System Improvements located on the northeast corner of NW 77`" Street and NW 96" Avenue (attached hereto in map form as "Exhibit 1 "); and t hi Temp. Reso.#8296 June 3, 1998, 2 WHEREAS, Lennar Homes, Inc., has requested the release of the Public Improvement Performance Bond in the form of an Irrevocable Standby Letter of Credit in the amount of $13,086.50 (attached hereto as "Exhibit 2") subject to the receipt of a one-year Warranty Bond in the amount of $6,821.25 to the City of Tamarac for the Sewage Collection System Improvements installed for the Weldon Buildings E, F, and I 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 Weldon Buildings E, F, and I Project 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 one-year Warranty Bond from Lennar Homes, Inc., for the Weldon Buildings E, F, and I Project Sewage Collection System Improvements. t Eq Temp. Reso.# 8296 June 3, 1998, 3 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 to accept the one-year Warranty Bond for the Sewage Collection System Improvements in the amount of $6,821.25 for the Weldon Buildings E, F, and I Project located on the northeast corner of NW 771h Street and NW 96th Avenue in accordance with Section 10- 156 of the City Code. SECTION 3: That the City Clerk is hereby authorized and directed to release to the Utilities Department for return to Lennar Homes, Inc., the Performance Bond upon acceptance of the one-year Warranty Bond for the Weldon Buildings E, F, and I Project. The bond is in the form of and Irrevocable Standby Letter of Credit #M521566 from Barnett Bank, NA., in the amount of $13,086.50 for the Sewage Collection System Improvements. SECTION 4: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Temp. Reso.# 8296 June 3, 1998, 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 9 day of--/r= /_11aIMI �U CAROL COLD, CMC/AAE CITY CLERK I HEREBY CERTIFY that I have approve t is RESOLUTION s to form. MITCHELL S. K CITY ATTORNEY TR/dav ✓ JOE SCHREIBER MAYOR RECORD OF COMMISSION MAYOR SCHREIBER DIST 1: COMM. MCKAYE DIST 2: V/M MISHKIN DIST 3: COMM. SULTANOF DIST 4: COMM. ROBERTS f. 1 =0*4mull no TEMP. RESO. # 8296 8p % 80 PL �T WESTW❑❑D 5A KINGS P COMMERTPK, HUNTINGTON j _4 TR23 ROCKFORD TR28 /r = SITE i, YORKSHIRE U cy LOCATION z 7—TR30 U / o 0 �/ A WELDON Q / GREENwo SPORTS COMPLEX T R 276 r EVANGELICAL COVENANT 76 CHURCH m / WEST LAKE VILLAS TR33 cy- i S PT,�� 76 PROF GPLAZA j \\\\��\ ~ �� / D� KINGS POINT m 75 CT cv WESTWO❑D cp SALES CENTER �/ q PINES & CLUB HOUSE r PRINGLAKE TR37 �r ST I S 74 CT S� �LFpRr G�(t NORTH WESTW❑O 3 1a n ASHMQNT CIR -7. a m 950 W. 8 BELFORT ASHM❑NT p� 73 CT �' gECFCJR CIR SQUrH 73 ST HIDDEN TR42 ,�. SECTION 21 TR40 HOLLOW 72 CT 1 NOB HILL/ WESTW❑❑D PLAT TR41 MpI��N a P❑INT PLAZA g 72 ST WES WOOD pR i jj 71 7d 71 ST 71 ST / Sr r � /%/ 70 PL SECTION 22 n - SECTION 21 j/ 70 PL °° 70 CT WESTWOOD 4 7 2, 7 � 7 Q m WE TW❑❑D 3 // LO u" a m ST 70 ST /% 70 ST m 70 ST MCNAD ROAD WELDON. DWG WELDON BUILDINGS E, F, AND I PERFORMANCE BOND RELEASE m "EXHIBIT 2" PAGE: 1 L/C NUMBER: M521566 Barnett.,, BARNETT BANK, N.A. P.O. BOX 019504 701 BRICKELL AVENUE — 8TH FLOOR MIAMI, FL 33101-9504 IRREVOCABLE STANDBY LETTER OF CREDIT I4-:41y030 WeiQW4 421opl mziii3i:3R 1.�;&P44YII APPLICANT: LENNAR HOMES, INC. 700 N.W. 107TH AVE. MIAMI , FL 33172 ISSUE DATE: APRIL 17, 1997 BENEFICIARY: CITY OF TAMARAC 7525 N.W. 88TH AVE. TAMARAC, FLORIDA 33321 AMOUNT: USD 13,086.50 THIRTEEN THOUSAND EIGHTY SIX AND 50/100'S USD DATE OF EXPIRY : APRIL 17, 1998 PLACE OF EXPIRY: 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 M521566 IN YOUR FAVOR FOR AN AMOUNT NOT TO EXCEED IN THE AGGREGATE THIRTEEN THOUSAND EIGHTY SIX DOLLARS AND 50/100 (USD13,086.50) EFFECTIVE IMMEDIATELY AND EXPIRING AS STATED HEREIN AT OUR BARNETT BANK N.A., 701 BRICKELL AVE., SUITE 801 MIAMI, FL. 33101. 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 APRIL 7, 1997 AND APPROVED BY THE UTILITY ENGINEER FOR SEWAGE COLLECTION SYSTEM INSTALLATION FOR WELDON BUILDINGS E, F & I 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 HEREUNDER. 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 2£.0D, NHICH `2TILE ?OUST.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 IF PRESENTED AT THIS OFFICE ON OR BEFORE THE EXPIRATION DATE OF THIS LETTER OF CREDIT OR ANY EXTENDED DATE AS PROVIDED FOR HEREIN. ORIGINAL 15240A IMP, PAGE: 2 L/C NUMBER: M521566 Barnett,,, ALL DRAFT(S) DRAWN UNDER THIS CREDIT MUST BE MARKED: "DRAWN UNDER BARNETT BANK N.A. OF CREDIT NUMBER M521566." 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. QiZA�� - AUTHORIZED SIGNATURE/ ORIGINAL 15]1�1 11 nR Temp. Reso. #8296 June 3, 1998 Page 2 of 2 The Certified Estimated Costs and the Certified Actual Costs are established by the Developer's Professional Engineer and approved by the Tamarac Utilities Department. The higher of the two Costs establishes the Permit Fees and the Warranty Bond amounts. The Costs, Permit Fees and Bonds for this Project are as follows: Certified Certified Estimated Actual Costs Costs Water $0 $0 Sewer $13,086.50 $27.285.00 TOTAL $13,086.50 $27,285.00 Permit Fees Performance Bond (100%) $0 $0 $2,251.01 $13,086,50 $2,251.01 $13,086.50 Warranty Bond (25%) M 6 821.25 $6,821.25 The Director of Utilities recommends that the City Commission approve the release of the Public Improvement Performance Bond from Lennar Homes, Inc., for the Sewage Collection System Improvements in the Weldon Buildings E, F, and I Project, subject to the receipt of a one-year Warranty Bond. ichael of TR/dav/tk