HomeMy WebLinkAboutCity of Tamarac Resolution R-2000-237n
August 18, 2000 -'temp. Reso. # 9121
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-2000-237
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF TAMARAC, FLORIDA, AUTHORIZING THE
APPROPRIATE CITY OFFICIALS TO RELEASE
PERFORMANCE BOND, LETTER OF CREDIT#1172, IN THE
AMOUNT OF $2,779.92 POSTED FOR THE PAVING AND
DRAINAGE FOR COMMERCIAL SHOPPES PROJECT
LOCATED ON THE SOUTHWEST CORNER OF
COMMERCIAL BLVD. AND PROSPECT RD.; PROVIDING
FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, Prospect Commercial, Inc. with Pointe Bank as Surety, filed with the
City of Tamarac a performance bond, Letter of Credit # 1172, in the amount of $2,779.92
to guarantee construction of paving and drainage for Commercial Shoppes Project located
on the southwest corner of Commercial Blvd. and Prospect Rd., a copy of said letter of
credit attached hereto as Exhibit "1 ".
WHEREAS, all paving and drainage outside the property limits were completed
within Broward County right-of-way (ROW); and
WHEREAS, due to an oversight, a performance bond in the form of letter of credit
also got posted with the City of Tamarac; and
WHEREAS, a performance bond already exists with Broward County which has
jurisdiction over improvements within public right-of-way for this project and there is no
need for a duplicate bond for the same improvements; and
CAWINDOWSUEMP\9121RES-Comm. Shoppes.doc
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August 18, 2000 - Temp. Reso. # 9121
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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, Letter of Credit # 1172, in the amount of $2,779.92, posted for the
paving and drainage located on the southwest corner of Commercial Blvd. and Prospect
Rd.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA THAT:
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: The appropriate City Officials are hereby authorized to release the
performance bond, Letter of Credit # 1172, in the amount of $2,779.92 posted for the
paving and drainage for Commercial Shoppes Project located on the southwest corner of
Commercial Blvd. and Prospect Rd.
Section 3: That 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.
CAWINDOMTEMR9121RES-Comm. Shoppes.doc
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1
Section 5:
and adoption.
August 18, 2000 - Temp. Reso. # 9121
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This Resolution shall become effective immediately upon its passage
PASSED, ADOPTED AND APPROVED this 151h day of September, 2000.
ATTEST:
rC.r�
MARION SWENSON, CMC
CITY CLERK
I HEREBY CERTIFY that I have
approved this RESOLUTION as
11TCHELL S.
CITY ATTOR
lk
JOE SCHREIBER
MAYOR
RECORD OF COMMISSION
MAYOR SCHREIBER
DIST t : COMM. PORTNER
DIST 2: COMM. MISHKIN ,.,..
DIST 3: COMM. SULTANOF,
DIST 4: VIM ROBERTS .
CIWINDOWS\TEMP\9121RES-Comm. Shoppes.doc
11R4:i POWERLNE R(7•\I7
BOCA RATON, FL 334, t
561/36816300
hnp,/poinlebank.rom
July 6, 1999
Citv of Tamarac
7525 N.W 88'' Avenue
Tamarac, FL 33321
Re: Prospect Commercial, Inc. (Paving and Drainage)
Irrevocable Letter of Credit No. 1172
Dear Gentlemen:
By order of our client, Prospect Commercial, Inc., 2400 West Commercial Blvd., Tamarac,
Florida. Nve hereby open our clean irrevocable Letter of Credit No. 1172 in your favor for an
amount not to exceed in the aggregate U.S. $2,779.92 (Two Thousand Seven Hundred
Seventy Nine Dollars and 92/100), 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 it's 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
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 temminated.
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