HomeMy WebLinkAboutCity of Tamarac Resolution R-2000-171Temp. Reso. #9028
May 12, 2000, 1
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-2000- ► I
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 #1173
FROM POINTE BANK, IN THE AMOUNT OF $6,770.00
SUBJECT TO THE RECEIPT OF A ONE-YEAR WARRANTY
BOND IN THE AMOUNT OF $1,692.50 FOR THE WATER
DISTRIBUTION AND SEWAGE COLLECTION SYSTEM
IMPROVEMENTS INSTALLED BY PROSPECT
COMMERCIAL, INC., FOR THE COMMERCIAL SHOPPES
PROJECT LOCATED ON THE SOUTHWEST CORNER OF
COMMERCIAL BOULEVARD AND PROSPECT ROAD;
PROVIDING FOR CONFLICTS; PROVIDING FOR
SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, Prospect Commercial, Inc., has constructed the Commercial Shoppes
Project and installed the Water Distribution and Sewage Collection System Improvements
in accordance with the Site Plan approved by the City Commission on April 14, 1999; and
WHEREAS, Section 10-156 of the City Code, requires Prospect Commercial,
Inc., to provide a one-year Warranty Bond to the City of Tamarac for the Commercial
Shoppes Project Water Distribution and Sewage Collection System Improvements
located on the southwest corner of Commercial Boulevard and Prospect Road
(attached hereto in map form as "Exhibit 1 "); and
1
Temp. Reso. #9028
May 12, 2000, 2
WHEREAS, Prospect Commercial, Inc., has requested the release of a Public
Improvement Performance Bond in the form of an Irrevocable Standby Letter of Credit
#1173 from Pointe Bank, in the amount of $6,770.00 (attached hereto as "Exhibit 2")
subject to the receipt of a one-year Warranty Bond in the amount of $1,692.50 to the
City of Tamarac for the Water Distribution and Sewage Collection System
Improvements installed for the Commercial Shoppes 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 Interim Director of Utilities that the
Public Improvement Performance Bond be released for the Commercial Shoppes
Project 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 Prospect Commercial, Inc., for the Commercial Shoppes Project
Water Distribution and Sewage Collection System Improvements,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
Temp. Reso. #9028
May 12, 2000, 3
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 a Public Improvement Performance Bond in the form of an Irrevocable Standby
Letter of Credit #1173 from Pointe Bank, in the amount of $6,770.00 subject to the
receipt of a one-year Warranty Bond in the amount of $1,692.50 for the Water
Distribution and Sewage Collection System improvements installed by Prospect
Commercial, Inc., for the Commercial Shoppes Project located on the southwest corner
of Commercial Boulevard and Prospect Road, in accordance with Section 10-156 of the
City Code.
SECTION 3: All resolutions or parts of resolutions in conflict herewith are
hereby repealed to the extent of such conflict.
SECTION 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.
E
1
.qFrTION S
passage and adoption.
Temp. Reso. #9028
May 12, 2000, 4
This Resolution shall become effective immediately upon its
PASSED, ADOPTED AND APPROVED thisoeQ day of
2000.
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ATTEST:
MARION SWIfNSON, CMC
INTERIM CITY CLERK
I HBY CERTIFY that I have
aD&o4d this RESOLUTION as
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COMMERCIAL SHOPPES
PERFORMANCE BOND RELEASE
"Exhibit 2"
21845 POwERLINE ROAD
BOCA RATON, FL 33433
561/368.6300
http://pointebank.com
July 6, 1999
City of Tamarac
7525 N.W 88"' Avenue
Tamarac, FL 33321
Re: Prospect Commercial, Inc. (Water and Sewer)
Irrevocable Letter of Credit No. 1173
Dear Gentlemen:
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By order of our client, Prospect Commercial, Inc., 2400 West Commercial Blvd., Tamarac,
Florida, we hereby open our clean irrevocable Letter of Credit No. 1173 in your favor for an
amount not to exceed in the aggregate U.S. $6,770.00 (Six Thousand Seven Hundred Seventy
Dollars and 00/100), effective immediately and expiring at 21845 Powerline Road, Boca
Raton, Florida 33433, with our close of business on July 6, 2000.
We are advised that this Irrevocable Letter of Credit is to insure installation of improvements
indicated on the certified cost estimate and on plans prepared by Suntech Engineering, Inc. and
approved by the Utility Engineer for a free standing retail center at the southwest comer of Prospect
Road and Commercial Boulevard, and developer's obligation to comply with the requirements of
Tamarac City Code 10-156.
The City is authorized to draw drafts at sight accompanied by a signed statement from the City
of Tamarac or its authorized representatives that:
a) drawing is due to Prospect Commercial, Inc.'s failure to construct the public
improvements;
b) the Developer's obligations have not been completed and the City of Tamarac has
been notified the bond will not be extended, or;
c) a Warranty Bond that is required by Tamarac City Code has not been provided.
This Letter of Credit shall be automatically renewed, provided the work has not been completed
without amendment, for the successive periods of one (1) year each unless we provide written
notice to the City Clerk via registered mail of our intent not to renew for an additional period, which
notice must be provided at least sixty (60) days prior to the expiration date of the original term
July 6, 1999
Page 2
hereof or any renewed one (1) year term or unless the City of Tamarac returns the original Letter of
Credit together with notification that it may be terminated.
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 to us at 21845
Powerline Road, Boca Raton, Florida 33433.
Except as far as otherwise expressly stated herein, this Letter of Credit is subject to the
Uniform Customs and Practice for Documentary Credits (1983 Revision) International
Chamber of Commerce Publication No. 400.
POINTE BANK