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HomeMy WebLinkAboutCity of Tamarac Resolution R-95-182Temp. Reso. 7160 CITY OF TAMARAC RESOLUTION NO. R-95--Z�& 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 $139,658.00 SUBJECT TO THE RECEIPT OF A WARRANTY BOND IN THE AMOUNT OF $34,914.50 FROM GEMSTAR HOMES, INC. FOR WATER DISTRIBUTION AND SEWAGE COLLECTION IMPROVEMENTS IN BROOKSIDE COVE; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Gemstar Homes, Inc. is constructing Brookside Cove, a 60 unit residential development and is installing Water Distribution and Sewage Collection System Improvements in accordance with the Site Plan approved by the City Commission on December 8, 1993; and WHEREAS, the Water and Sewer Developer's Agreement accepted and executed by the City of Tamarac on September 28, 1994 for Brookside Cove (a.k.a. McNab Road Subdivision) requires Gemstar Homes, Inc. to provide a Warranty Bond to the City of Tamarac for the Brookside Cove Water Distribution and Sewage Collection System Improvements located east of Northwest 70th Avenue on the north side of McNab Road (attached hereto in map form as "Exhibit 2"); and 1 Temp. Reso. 7160 WHEREAS, Gemstar Homes, Inc. has requested the release of a Public Improvements Performance Bond (in the form of an Irrevocable Standby Letter of Credit #1994-127 from the Ohio Savings Bank in the amount of $139,658.00) (attached hereto as "Exhibit 1 ") subject to the receipt of a one-year Warranty Bond in the amount of $34,914.50 to the City of Tamarac for the Water Distribution and Sewage Collection System Improvements installed in Brookside Cove; 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 Utilities Director that the Public Improvement Performance Bond be released for the Brookside Cove 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 Gemstar Homes, Inc. for the Brookside Cove Water Distribution and Sewage Collection System Improvements. 2 Temp. Reso. 7160 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 release the Public Improvement Performance Bond subject to the receipt of a one-year Warranty Bond from Gemstar Homes, Inc. for the Brookside Cove Water Distribution and Sewage Collection Improvements. SECTION 3: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. E TIC ON 4: 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. 3 Temp. Reso. 7160 SECTION 5: passage and adoption. This Resolution shall become effective immediately upon its PASSED ADOPTED AND APPROVED this tda of 199 J( ATTEST: CAROL A. EVANS, CMC CITY CLERK d i Z A L., A ;"gq ►lam •: I HEREBY CERTIFY that I have MAYOR approved this RESOLUTION as DIST. 1: ©l;; ;T. 2: to form. IST.: D / I�IST.4: MITCHELIL/S/ KIVAFT CITY ATTORNEY Utilities/mw L 4 RECORD OF COMMISSION VOTE ABRAMOWITZ V / M KATZ 4 COMM. MISHKIN COMM. SCHREIBER COMM. MACHEK , �J U E /91 t "EXFiiBIT 1" VAUVD DEC 2 7 1994 OH IO SAVINGS BANK TAMARAC CITY ENGINEER IRREVOCABLE STANDBY LETTER OF CREDIT DATE: December 21, 1994 EXPIRATION DATE: December 20, 1995 LETTER OF CREDIT NO. 1994-127 AMOUNT: $139,658 CITY OF TAMARAC 6811 N.W. 88th AVENUE TAMARAC, FLORIDA 33321 r� CP 0 or M rn IBROOKSIDE.,COVE n PUBLIC IMPROVEMENTS PERFORMANCE SECURITY We hereby open our Irrevocable Standby Letter of Credit No. 1994-127 in your favor, for the account of Gemstar Homes, Inc., 15900 Pines Boulevard, Pembroke Pines, Florida 33027, for a sum not exceeding One Hundred Thirty Nine Thousand Six Hundred Fifty Eight and 00/100 U.S. Dollars ($139, 658.00) available by your draft at sight on Ohio Savings Bank, 300 Ohio Savings Plaza, 1801 East Ninth Street, Cleveland, Ohio 44114, Attention: Frank J. Bolognia, when accompanied by: A statement signed by an authorized representative of the City of Tamarac as follows: "We certify that Gemstar Homes, Inc. has failed to complete the installation of public improvements described in a certified cost estimate dated December 13, 1994 and on plans prepared by CCL Consultants, Inc. and approved by the City Engineer for public improvements for the Brookside Cove Project and that Gemstar Homes, Inc.'s obligation to comply with the requirements of Tamarac City Code Section 10-156 has not been met." It is a condition of this Letter of Credit that it shall be deemed automatically extended without amendment for one year periods from the expiration date hereof, or any extended expiration date, unless at least sixty (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 described above or a statement signed by an authorized representative of the City of Tamarac as follows: We certify that we have been notified in writing by Ohio Savings Bank of its election not to renew Letter of Credit No. 1994-127 and that a Warranty Bond required by the Tamarac City Code has not been provided." All drafts drawn under this Credit must be marked "Drawn under Ohio Savings Bank Letter of Credit No. 1994-127." This Credit is subject to the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce, in effect on the date of issuance of this Letter of Credit. This original Letter of Credit and all amendments thereto must be submitted to us together with any sight drafts hereunder for our endorsement of any payments effected by us and/or for cancellation. EXHIBIT 01-110 SAVINGS PLAZA • CLEVELAND, OHIO 44114-3186 • 216/696-2222' / 104 years and still growing strong rCity of Tamarac Page Two December 21, 1994 We engage with you that each draft drawn under and in compliance with the terms of this Credit will be duly honored on delivery of the documents as specified if presented at our office at the address set forth above on or before December 20, 1995 or any automatically extended date. OHIO SAVINGS BANK Au orized Signature Authorized Signature 0 EXHIBIT 2 \ 31 99 d31 99 \\ nd L9 N ��� �' nd L9 ,,\\ AV n � Cki u u \\ A 1\ n CD n \� LO /w� ©z j iw w� iw >� a- t 69 110 N 0 F- In � �-- �131 0 L I\ r 4 b Q o nd TZ- w Q v Ln �\ I�l 0 U AV Z L I� cu �, o u ,n a31 3L �� n A 2L r• �. v' AV CL \ AV CL HAV� LO \\ 4 d31 I CZ A AV 0! VL LL- LAO P4 z <i 31 t L P w nd SL _0. t> U� 00 \a— lD _ a r-_..N a � q v) QC L J \ SQ❑❑3 w 33NIANH❑f AV 04 3diN33 \ Z t-- �� N❑Sdw n \\ >INdS N❑INn 1Sc`1I3 Q J W, U Y A P CD lD � Pppv� EXHIBIT 1 d a BRKSDCOV. DWG