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Home My WebLink AboutCity of Tamarac Resolution R-96-279Temp. Reso. #7607 November 13, 1996 1 CITY OF TAMARAC RESOLUTION NO. R-96-- 2_lq 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 AMOUNT OF $976,790.85 SUBJECT TO THE RECEIPT OF A WARRANTY BOND IN THE AMOUNT OF $156,726.63 FROM PULTE HOME CORPORATION FOR WATER DISTRIBUTION AND SEWAGE COLLECTION IMPROVEMENTS IN PLUM BAY - SINGLE FAMILY HOMES (PHASES 1A, 1 B, 1 C, 2A, 213) AND PLUM HARBOR - MULTI- FAMILY HOMES (PHASE 1 AND RECREATION CENTER) LOCATED ON THE NORTHEAST CORNER OF COMMERCIAL BOULEVARD AND NOB HILL ROAD; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Pulte Home Corporation has constructed Plum Bay - Single Family Homes (Phases 1A, 1 B, 1 C, 2A, 2B) and Plum Harbor - Multi -Family Homes (Phase 1 and Recreation Center) development and has installed the Water Distribution and Sewage Collection System Improvements in accordance with the Site Plan approved by the City Commission on May 22, 1991; and WHEREAS, On October 6, 1993, Pulte Home Corporation submitted a Performance Bond to the City of Tamarac in the amount of $976,790.85 to cover both the Water Distribution and Sewage Collection System Improvements as well as Site Plan Preparation, Paving and Drainage, Sidewalks, Curbs, and Gutter, Landscaping and Clearing and Grubbing; and Temp. Reso. #7607 November 13, 1996 2 WHEREAS, Pulte Home Corporation has requested the release of a portion of the Public Improvements Performance Bond in the form of an Irrevocable Standby Letter of Credit #11733793 in the amount of $976,790.85 (attached hereto as "Exhibit 1") subject to the receipt of a one-year Warranty Bond in the amount of $156,726.63 to the City of Tamarac for the Water Distribution and Sewage Collection System Improvements installed in Plum Bay - Single Family Homes (Phases 1A, 1 B, 1 C, 2A, 213) and Plum Harbor - Multi -Family Homes (Phase 1 and Recreation Center) Project; and WHEREAS, the Water and Sewer Developer's Agreement accepted and executed by the City of Tamarac on September 22, 1993 requires Pulte Home Corporation to provide a Warranty Bond to the City of Tamarac for the Plum Bay - Single Family Homes (Phases 1A, 1 B, 1 C, 2A, 213) and Plum Harbor - Multi -Family Homes (Phase 1 and Recreation Center) Water Distribution and Sewage Collection System Improvements located (attached hereto in map form as "Exhibit 2"); 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, Pulte Home Corporation has submitted a new Performance Bond to cover the Public Works Improvements in accordance with City Code Section 10-156; and Temp. Reso. #7607 November 13, 1996 3 WHEREAS, it is the recommendation of the Director of Utilities that the Public Improvement Performance Bond be released from Pulte Home Corporation for the Plum Bay - Single Family Homes (Phases 1A, 1 B, 1 C, 2A, 2B) and Plum Harbor - Multi - Family Homes (Phase 1 and Recreation Center) 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 one-year Warranty Bond from Pulte Home Corporation for the Plum Bay - Single Family Homes (Phases 1A, 1 B, 1 C, 2A, 213) and Plum Harbor - Multi -Family Homes (Phase 1 and Recreation Center) 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. 1 1 1 1 Temp. Reso. #7607 November 13, 1996 4 SECTION 2: That the appropriate City Officials are hereby authorized to accept the one year Warranty bond for the Water Distribution and Sewage Collection System Improvements in the amount of $156,726.63 for the Plum Bay - Single Family Homes (Phases 1A, 1 B, 1 C, 2A, 213) and Plum Harbor - Multi -Family Homes (Phase 1 and Recreation Center) Project 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 Pulte Home Corporation, the Performance Bond upon acceptance of the one-year Warranty Bond for the Plum Bay - Single Family Homes (Phases 1A, 1 B, 1 C, 2A, 213) and Plum Harbor - Multi -Family Homes (Phase 1 and Recreation Center) Project. The bond is in the form of an Irrevocable Standby Letter of Credit #11733793 in the amount of $976,790.85 for the Water Distribution and Sewage Collection System Improvements. SECTION 4: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. .SECTION 5: If any clause, section, other part or application of this Resolution is held by any court of competent jurisdiction to be unconstitutional or invalid, in part or application, it shall not affect the validity of the remaining portions or applications of this Resolution. Temp. Reso. #7607 November 13, 1996 5 SECTION 6: This Resolution shall become effective immediately upon its passage and adoption. PASSED, ADOPTED AND APPROVED this I day of D, e&LM , 199L. LARR MISHKIN VICE MAY -OR ATTEST: CAR L A. EVANS, CMC CITY CLERK I HEREBY CERTIFY that I have approved this RESOLUTION as to f r ITCHELL S. KRAF CITY ATTORNEY Utilities/dav/aml RECORD OF COMMISSION VOTE MAYOR DIST 1:C48k---d-'KANF— DIST �" 1 /� 1, �nmuunrimnu DIST 3: DIST A: L Q C A T I Q N CLI \\ \ \\ SS THIS SITE \� `\\`\\\`\ti �'\ \\\ \\\ \ S T \\`\�z\�\\\�\\��; V.G.C. PARK W J \\\\\t\PLUM:\\\�;\\\\\ \��\`\\tip (VISUAL GRAPHICS) _ G R A P I --I L I N E MIAMI THE \\\ \ti �`\ti\. �` \`y \\\� . z H E R A L L STOROPACK FERGUSON (CO RD 870) .� C❑MMERCIAL BVD PLUM BAY PHASES 1A,1B,iC,2A AND 2B PBRCP$R.DWG AND PLUM HARBOUR PHASE 1 AND RECREATION CENTER PERFORMANCE BOND RELEASE EXHIBIT 2 PULTE FINANCIAL COMPANIES, INC. 6061 S. WILLOW DRIVE, SUITE 300 GREENWOOD VILLAGE, COLORADO 80111 e°5VOCABLE STANDBY LETTER OF CREDIT i DATE: OCTOBER 6, 1993 LAND SECTION 8 - PLUM BAY/PLUM HARBOR 11r"% WATER AND SEWERAGE FACILITIES NO: 11733793 - -` PERFORMANCE SECURITY'. C gift• AMOUNT: S976,790.85 CITY OF T NVfARAC MART_ 6811 N.W. 88TH AVENUE°' �" _' (� i uF . .J TAIvfARAC, FLORIDA 33321i('1:'! 1 WE HEREBY OPEN OUR �`='°' l• IRREVOCABLE STANDBY LETTER OF CREDIT NO. 11733793 IN YOUR - FAVOR, FOR ACCOUNT" OF PULTE HOME CORPORATION, 1350 E. NEWPORT CENTER DRIVE, 9200, DEERFIELD BEACH, FL 33442 FOR A SUM NOT EXCEEDING NINE HUNDRED SEVENTY- SIX THOUSAND SEVEN HUNDRED '~ NINETY AND 85/100 US DOLLARS (976,790.85) AVAILABLEfit B Y YOUR DRAFT AT SIGHT ON PULTE FINANCIAL COMPANIES, INC., WHEN ACCOMPANIED_;_; A STATEMENT SIGNED BY THE CITY OF TAMARAC OR ITS AUTHORIZED REPRESENTATIVE gyp.. AS FOLLOWS: "WE CERTIFY THAT PULTE HONIE CORPORATIONHAS FAILED TO COMPLETE }a'?AJ,M.• THE INSTALLATION OF PUBLIC IMPROVEMENTS INDICATED ONCERTIFIED COST ESTIMATE'''a I DATED OCTOBER 4, 1993 AND ON PLANS PREPARED BY CRAIG A. SMITH AND ASSOCIATES •�,' AND APPROVED BY THE CITY ENGINEER FOR WATER DISTRIBUTION INSTALLATION FOR THE PLUM BAY/PLUM HARBOR PROJECT AND THAT PULTE HOME CORPORATION'S ;3 t OBLIGATION TO COMPLY WITH THE REQUIREMENTS OF TAMARAC CITY CODE SECTION V 10-156 HAS NOT BEEN MET. rn IT IS ' A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED �� 3 x••'' V, O AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE YEAR PERIODS FROM THE EXPIRATION DATE HEREOF, OR ANY FUTURE EXPIRATION DATE, UNLESS AT LEAST SIXTY ?w (60) DAYS PRIOR TO ANY EXPIRATION DATE WE SHALL NOTIFY YOU BY REGISTERED MAIL THAT WE ELECT NOT TO CONSIDER THIS LETTER OF CREDIT RENEWED FOR ANY SUCH ADDITIONAL PERIOD. UPON RECEIPT BY YOU OF SUCH NOTICE, YOU MAY DRAW HEREUNDER BY PRESENTING YOUR SIGHT DRAFT DRAWN ON US WHEN ACCOMPANIED BY THE SIGNED STATEMENT AS INDICATED ABOVE OR A STATEMENT SIGNED BY THE CITY OF TAMARAC OR ITS AUTHORIZED REPRESENTATIVE AS FOLLOWS: "WE CERTIFY -: ftlft\ THAT WE HAVE BEEN NOTIFIED IN WRITING BY PULTE FINANCIAL COMPANIES, INC. OF Nm 1.41 hfr _)+ THEIR ELECTION NOT TO RENEW THEIR LETTER OF CREDIT NO. 11733793 AND THAT A WARRANTY BOND REQUIRED BY THE TAIMARAC CITY CODE HAS NOT BEEN PROVIDED."aca ,. �., ALL DRAFTS DRAWN UNDER THIS CREDIT MUST BE MARKED "DRAWN UNDER PULTE --- 2�� FINANCIAL CO1ViPANIES, INC. LETTER OF CREDIT NO. 11733793. � _ • 1 THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY ,•M CREDITS (1983 REVISION), INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO. _. 400. {��!' I No Text