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Home My WebLink AboutCity of Tamarac Resolution R-96-055Temp. Reso # 7331-February 29, 1996 Rev. 3/20/96 RESOLUTION NO. R-96- 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 #1941174 FROM SUN BANK/MIAMI, N.A. IN THE AMOUNT OF $15,923.00 SUBJECT TO THE RECEIPT OF A ONE- YEAR WARRANTY BOND IN THE AMOUNT OF $5,507.56 FOR THE WATER DISTRIBUTION AND SEWER COLLECTION SYSTEM IMPROVEMENTS INSTALLED BY LENNAR HOMES, INC. IN WELDON PHASE IA FOR CITY OWNERSHIP AND ESTABLISH THE EFFECTIVE DATE OF THE ONE-YEAR WARRANTY PERIOD COMMENCING ON MAY 15, 1995; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, on August 11, 1993, the City Commission approved a Site Plan for the Weldon Phase IA Project located at the northeast corner of NW 77th Street and NW 96th Avenue (attached hereto in map form as "Exhibit 1 ") for Lennar Homes, Inc.; and WHEREAS, Lennar Homes, Inc., is constructing the Weldon Phase IA Project and has installed Water Distribution and Sewer Collection System Improvements required by the Site Plan; and WHEREAS, City Code Section 10-156 and the Water and Sewer Developer's Agreement accepted and executed on August 24, 1994 requires Lennar Homes, Inc., to provide a Performance Bond for the Weldon Phase IA Project; and 1 Temp. Reso # 7331-February 29, 1996 Rev. 3/20/96 WHEREAS, on November 4, 1994, Lennar Homes, Inc., submitted a Performance Bond in the form of an Irrevocable Standby Letter of Credit #1941174 from Sun Bank/Miami, N.A. for the Water Distribution and Sewer Collection System Improvements (attached hereto as "Exhibit 2") in the amount of $15,923.00; and WHEREAS, the Water Distribution and Sewer Collection System Improvements have been in service since May 15, 1995, which established the start of the warranty period; and WHEREAS, the developer, Lennar Homes, Inc., has requested the release of the Performance Bond and establishing the one year warranty period commencing on May 15, 1995; and WHEREAS, the Utilities Engineering Division inspected and approved these Water Distribution and Sewer Collection System Improvements on April 28, 1995; and WHEREAS, the Certified Actual Costs established the amount of the one-year Warranty Bond as $5,507.56 for the Water Distribution and Sewer Collection System Improvements; and WHEREAS, it is the recommendation of the Director of Utilities that the Performance Bond be released subject to the receipt of a Warranty Bond and establish the effective date of the one-year warranty period commencing on May 15, 1995; 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 Performance Bond for the Weldon Phase IA Project subject to the receipt of a one-year 2 Temp. Reso # 7331-February 29, 1996 Rev. 3/20/96 Warranty Bond in the amount of $5,507.56 for the Water Distribution and Sewer Collection System Improvements and establish the one-year warranty period commencing on May 15, 1995. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA: SECTION t 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 Z That the appropriate City Officials are hereby authorized to accept the one-year Warranty Bond for the Water Distribution and Sewer Collection System Improvements in the amount of $5,507.56 for the Weldon Phase IA Project in accordance with Section 10-156 of the City Code and establish an effective date of the one-year warranty period commencing on May 15, 1995. 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 (1) year Warranty Bond for the Weldon Phase 1A Project. The bond is in the form of an Irrevocable Standby Letter of Credit #1941174 from Sun Bank/Miami, N.A. in the amount of $15,923.00 for Water Distribution and Sewer Collection System Improvements. SECTION 4: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. 3 1 I 1 Temp. Reso # 7331-February 29, 1996 Rev. 3/20/96 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 6L This Resolution shall become effective immediately upon its passage and adoption. PASSED, ADOPTED AND APPROVED this OV day of '7 Id"�X 1996. ATTEST: a - CAROL A. EVANS, CMC CITY CLERK MAYOR I HEREBY CERTIFY that I have DIST.1: approved this RESOLUTION as DIST. 2: to fob 1 I O . flIST. 3: pIST.4: MITCHELX CITY ATT Utilities:dav/mw EY 4 RECORD OF COMMISSION VOTE EXHIBIT I ul x 0 z • KINGS PT. ' COMMER. PK. I �. • ��• HUNTINGT❑N V TR23 .�V ROCKFORD TR28 0 GRpCNWppb TTAMARAC SPORTS COMPLEX 11 � I $ TR27 EVANGELICAL COVENANT Q CHURCH TR33 KINGS PT. w PROF. PLAZA KINGS P❑INT SALES CENTER & CLUB H❑USE ASHM ASHM❑NT 74 • 7 TR29 Y❑RKSHIRE 80 PL = WESTW❑❑D 5A y 80 CT q 80 s r a7� i `a TR30 `i -i WELD❑N a LAND SE / 76 T 7) 76 sT sr WEST LAKE VILLAS OD 75 CT p+�D WESTWOOD /. co q PINES cn PRIES LAKE II �p� 7S pL TR37 74 CT sq BC NORTH L� pRT C'N 7 WESTW❑ a 3 & m 95 W. g BELF❑RT 73 CT BCC-FDR CIR SOUTh 3 ST HIDDEN TR42 SECTI❑N 21/ G TR40 HOLLOW 4? 72 CT ti NOB HILL/ WESTW❑❑D PLAT TR41 POINT PLAZA WESTWOOV MPLpR ca 72 ST 71 ST 6 71 ST .• ! $ r � 79 ST d` / I . 70 pL S ECTI❑N 22 o $ � OD m SECTION 21 70 CT j% j // 70 ESTW❑❑D 4 a m / j r ¢ a m WE TW❑❑D 3 % in LJC_70ST a M S ° 70 ST ST MCNAB ROAD IM PHASE IA WELDON PHASE 1A WDR❑PBlA.DWG RELEASE OF PERFORMANCE BOND J ANY 30 ' 96 11 : 59 CITY OF TAMARAC P," C7 "EXHIBIT 2 n SYnl aticimW Banking M.A Inlematlof�el eanKfnq Division BN 3737 N.W.87th Avenue Miami, Ronda 33178 SUNBANK/MIAMI, N.A. IRREVOCABLE STANDBY UTTER OF CREDIT NO. I941174 NOVEMBER 04, 1994 BENEFICIARY: CTTY OF TAMARAC 7525 N.W. $STU AVENUE TAMARAC, FLORIDA 33321 APPLICANT: LENNAR HOMES, INC. 700 NW 107TH AVENUE MIAMI, FT, 33172 AMOUNT: USD 15,923.00 DATE OF EXPIRATION: NOVEMER 04, 1995 BY ORDER OF OUR CLIENT, LENNAR HOMES, INC. 700 N.W. 107TH AVBNI,"E MIAMI, FL. 33172, WE HERESY OPEN OUR IRREVOCABLE LETTER OF CREDIT NUMBER I941174 IN YOUR FAVOR FOR AN AMOUNT NOT TO EXCEED IN THE AGGREGATE U.S. DOLLARS USD 15,923.00 (FIFTEEN THOUSAND NINE HUNDRED TWENTY THREE AND 00/100 U.S. DOLLARS) EFFECTIVE IMMEAIATL"LY AND EXPIRING AT OUR SUNBANK/MIAMI, N.A., 3737 NW 87TH AVENUE, MIAMI, FL. 33178, OFFICE WITH OUR CLOSE OF BUSINESS ON NOVEMBER 04, 1996 WITHOUT OBLIGATION ON OUR PART, WTS 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 TUX DATE OF THE FORMAL ACCEPTANCE OF THE $U8—DIVISION IMPROVEMENTS OF THE CITY OF TAMARAC FOR THE INSTALLATION OF PUBLIC IMPROVEMENTS INDICATED ON CERTIFIED CAST ESTIMATE DATED JULY 22, 1994 AND APPROVED BY.THE CITY ENGINEER FOR WATER DISTRIBUTION AND SANITARY SEWER INSTALLATION FOR WELDON PHASE 1A AND DEVELOPER'S OBLIGATION TO COMPLY WITH THE (REQUIREMENTS OF TAMARAC CITY CODE SECTION 10--156. THE CITY IS AUTHORIZED TO DRAW DRAFTS AT SIGHT ACCOMPANIED BY A SIGNED STATEMENT FROM THE CITY OF TAMARAC OR ITS' AUTHORIZED RNPRESENTATIVaS THAT: "THE UNDERSIGNED, AND AUTHORIZED REPRESENTATIVE OF THE CITY OF TAMARAC, HEREBY CERTIFIES THAT: (A) THE DRAWING IS DUE TO L$NNAR FIGS, INC. 'S FAILURE TO CORRECT ALL INSUFFICIENCIES IN DESIGN, WORKMANSHIP AND/OR MATERIALS WHICH ARE FOUND WITHIN ONE (1) YEAR OF THE DATE OF DATE OF THE FORMAL ACCEPTANCE OF THE PUBLIC IMPROVEMENTS BY THE CITY COUNCIL OF THE CITY OF TAMARAC. OR (B) THAT THE DEVELOPER'S OBLIGATIONS RAVE NOT BEEN COMPLETED, OR THE CITY OF TAAMARAC HAS BEEN NOTIFIED THAT BOND WILL NOT HE EXTENDED. OR (C) THAT THE CITY OF TAMARAC HAS BEEN NOTIFIED THAT THE BOND WILL NOT BE E=NDED." CONTINUED ON NEXT PAGE A SunTrust Bank C� • r� JAN 30 '96 12:00 CITY OF TAMARAC_ E� of CREDIT NO. 1941174 2 IM; h+telnadl0npl 8pnkinq Division 3M N,W, 87th Avenue Miami, Florida 33176 THE ORIGINAL LETTER OF CREDIT MUST HE PRESENTED WITH ANY DRAWING HEREUNDER. ALL DRAFT(S) DRAWN UNDER THIS LETTER Or CREDIT MUST BE MARX>5D: "DRAWN UNDER SUNBANK/MIAMI, N.A., LETTER OF CREDIT NO. I941Z74." THIS LETTER OF CREDIT SHALL BE AUTOMATICALLY RENEWED WITHOUT AND 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 (66) DAYS PRIOR TO LRPIRATION DATE or THE ORIGINAL TERM HEREOF OR ANY RENEWED ONE (1) YEAR TERM DATE, OR UNLESS THE CITY OF TAMARAC RETURNS TIM ORIGINAL LETTER OF CREDIT TEGBTHER WITH WRITTING NOTIFICATION TI•iAT IT MAY BE TERMITATED PRIOR TO THE THEN CURRENT EXPIRATION DATE. WE ENGAGE WITH YOU THAT EACH DRAFT DRAWN UNDER AND IN 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 MMIN. UNLESS EXPRESSLY STATED OTHERWISE, THIS LETTER OF CREDIT I3 SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE (1993 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NUMBER 500. A SunTrust Sank P.9i9