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Home My WebLink AboutCity of Tamarac Resolution R-98-238Temp. Reso.#8297 June 3, 1998, 1 If] IWAS] aIF_\►T,/_\GLT47 RESOLUTION NO. R-98- __,�-3? 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 #S960414 FROM SUNTRUST BANK, MIAMI, NA., IN THE AMOUNT OF $21,555.00 SUBJECT TO THE RECEIPT OF A ONE-YEAR WARRANTY BOND IN THE AMOUNT OF $14,532.24 FOR THE WATER DISTRIBUTION IMPROVEMENTS INSTALLED BY LENNAR HOMES, INC., FOR THE SOUTHAMPTON OFFSITE IMPROVEMENTS PROJECT LOCATED ON THE WEST SIDE OF NOB HILL ROAD BETWEEN NW 71ST PLACE AND NW 80" STREET; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Lennar Homes, Inc., has constructed the Offsite Water Distribution Improvements in accordance with the Site Plan approved by the City Commission on December 11, 1996; and WHEREAS, the Water and Sewer Developer's Agreement accepted and executed by the City of Tamarac on March 26, 1996, require Lennar Homes to provide a Warranty Bond to the City of Tamarac for the Southampton Offsite Water Distribution System Improvements located on the west side of Nob Hill Road between NW 71" Place and NW 80' Street (attached hereto in map form as "Exhibit 1 "); and Temp. Reso.#8297 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 #S960414 from SunTrust Bank, Miami, NA., in the amount of $21,555.00 (attached hereto as "Exhibit 2") subject to the receipt of a one-year Warranty Bond in the amount of $14,532.24 to the City of Tamarac for the Offsite Water Distribution System Improvements installed for the Southampton 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 Southampton Offsite 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 subject to the receipt of a one-year Warranty Bond from Lennar Homes, Inc., for the Southampton Offsite Water Distribution System Improvements. Temp. Reso.#8297 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 Offsite Water Distribution System Improvements in the amount of $14,532.24 installed for the Southampton Project located on the west side of Nob Hill Road between NW 71" Place and NW 80th Street 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 Southampton Offsite Improvements Project. The bond is in the form of an Irrevocable Standby Letter of Credit #S960414 from SunTrust Bank, Miami, NA., in the amount of $21,555.00 for the Offsite Water Distribution System Improvements. SECTION 4: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Temp. Reso.#8297 June 3, 1998, 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. 4 SECTION 6: This Resolution shall become effective immediately upon its passage and adoption. PASSED, ADOPTED AND APPROVED this Tj day o L� , ..; ATTEST: CAROL LD, CMC/AAE Cl CLERK I HEREBY CERTIFY that I have CI1YA1 10 TR/dav/tk E SCHREIBER MAYOR RECORD OF COMMISSION MAYOR SCNRrior, DIST 1: COMM. McKAYE DIST 2: V/M MISHKIN DIST 3: COMM. SULTANOF DIST 4:_ C�MM. ROBFRTc iON*61pal I—= TEMP. RESO. # 8297 C14/CYPRESS CREEK CANAL SOUTHGATE BLVD, / 83 ST > 83 ST a o a > ¢ cn 82 ST o 0 v o 81 S T cy 81 S T WE TW❑❑ 6 ti ti r j o 80 CT SE TI❑N 4 v� oN T�8 9p p �R Q- � /� go S p 9� Epp 1p Li L❑MBARDY J ¢ W E X E T E R a U an Q TRENT KINGS PT. j/// /j/ /j/ C❑MMER. PK. v�fyLJ r A c d w /%// �a /%//%�//%///%�/ w / / //// / cn cy 7 //// z SOUTHAMPTON ROCKFORD A GRANVILLE � AMARF e E' CID SPEIRTS C❑MPI T R 2 7 Li SITE EVANGELICAL 77 S7 LOCATION COVENANT jjj a CHURCH � Z > p a A W %//j%/j/ KINGS PT. PROF, PLAZA KINGS POINT FAIRFAX /'// / SALES CENTER & CLUB H❑US co SOUTHAMP. DWG SOUTHAMPTON OFFSITE IMPROVEMENTS PERFORMANCE BOND RELEASE -EX1fKB,TTi 2 Temp : Re sQ,4. ,2 9 7 SUNT)RUST, SUNTRUST MIAMI, N.A. IRREVOCABLE STANDBY LETTER OF CREDIT NO. S960414 MAY 28, 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 21,555.00 DATE OF EXPIRY : MAY 28, 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 S960414 IN YOUR FAVOR FOR AN AMOUNT NOT TO EXCEED IN THE AGGREGATE U.S. DOLLARS USD 21,555.00 (TWENTY ONE THOUSAND FIVE HUNDRED FIFTY FIVE AND 00/100 U.S. DOLLARS) EFFECTIVE IMMEDIATELY AND EXPIRING AS STATED HEREIN AT OUR SUNTRUST BANK,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 MAY 15, 1996.AND APPROVED'BY THE UTILITY ENGINEER FOR OFFSIDE WATER MAIN 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._11NSSUFFICIZNCIE.- -IN •,7E5•IGN,-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 All correspondence and oommunication should be directed to our agent SunTrust Intemational Services, Inc., 3737 N.W. 87th-: Avenue, Miami, Florida 33178 Swift: SNBOUS3M ` -Telex: 6734609 : &AMUISTOF CREDIT NO. S960414 1 (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 PERIOD, WHICH NOTICE MUST BE PROVIDED AT LEAST SIXTY (60) DAYS PRIR 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. ALL DRAFT(S) DRAWN UNDER THIS CREDIT MUST BE MARKED: "DRAWN UNDER SUNTRUST,MIAMI,N.A., LETTER OF CREDIT NUMBER S960414." 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. SUNTRUST INTERNATIONAL, SERVICES ACTING AS AGENT FOR = SUNTRUST BANK MIAMI,.N.A. 3 2 2 a ? ,', .. till\r. a All correspondence and communicationshould be directed to our agent SunTrust Intemational Services, Inc., 3737 N.W. 87th Avenue, Miami, Florida 33178 Swift: SNBOUS3M Telex: 67346m ' Temp. Reso. #8297 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 $21,555.00 $58,128.95 Sewer TOTAL $21,555.00 $58,128.95 Permit Performance Warranty Fees Bond Bond (100%) (25%) $4,156.22 $21,555.00 $14,532.24 X 156.22 1,555.00 $14,532.24 The Director of Utilities recommends that the City Commission approve the release of the Public Improvement Performance Bond from Lennar Homes, Inc., for the Offsite Water Distribution System Improvements installed for the Southampton Project, subject to the receipt of a one-year Warranty Bond. Z4 �'z 2 Z�z Michael Woika TR/dav