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Home My WebLink AboutCity of Tamarac Resolution R-2000-024Temp. Reso. #8882, January 3, 2000 1 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-2000- A 4 A RESOLUTION OF THE CITY COMMISSION AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO RELEASE A PUBLIC IMPROVEMENT PERFORMANCE BOND IN THE FORM OF AN IRREVOCABLE STANDBY LETTER OF CREDIT #S980172 FROM SUNTRUST BANK, IN THE AMOUNT OF $114,938.00 SUBJECT TO THE RECEIPT OF A WARRANTY BOND IN THE AMOUNT OF $46,412.75 FOR THE WATER DISTRIBUTION AND SEWAGE COLLECTION SYSTEM IMPROVEMENTS INSTALLED BY LENNAR HOMES, INC., FOR THE SOUTHAMPTON PHASES A-D, I-J AND THE REC. BUILDING PROJECT LOCATED ON THE WEST SIDE OF NOB HILL ROAD BETWEEN NW 80t" STREET AND NW 715' PLACE; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Lennar Homes, Inc., has constructed the Southampton Phases A-D, I-J and the Rec. Building Project and installed the Water Distribution and Sewage Collection System Improvements in accordance with the Site Plan approved by the City Commission on December 11, 1996; and WHEREAS, the Water and Sewer Developer's Agreement accepted and executed by the City of Tamarac on March 26, 1997, requires Lennar Homes, Inc., to provide a Warranty Bond to the City of Tamarac for the Southampton Phases A-D, I-J and the Rec. Building Project Water Distribution and Sewage Collection System Improvements located on the west of Nob Hill Road between NW 80th Street and NW Temp. Reso. #8882, January 3, 2000 2 71" Place (attached hereto in map form as "Exhibit 1 "); and WHEREAS, Lennar Homes, Inc., has requested the release of a Public Improvement Performance Bond in the form of an Irrevocable Standby Letter of Credit #S980172 from SunTrust Bank, in the amount of $114,938.00 (attached hereto as "Exhibit 2°) subject to the receipt of a Warranty Bond in the amount of $46,412.75 to the City of Tamarac for the Water Distribution and Sewage Collection System Improvements installed for the Southampton Phases A-D, I-J and the Rec. Building Project; and WHEREAS, the Improvements were inspected, approved and are recommended for acceptance for a warranty period by the Utilities Engineering Division; and WHEREAS, it is the recommendation of the Director of Utilities that the Public Improvement Performance Bond be released for the Southampton Phases A-D, I-J and the Rec. Building 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 Warranty Bond from Lennar Homes, Inc., for the Southampton Phases A-D, I-J and the Rec. Building Project Water Distribution and Sewage Collection System Improvements. 1 Temp. Reso. #8882, January 3, 2000 3 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 accept the Warranty Bond for the Water Distribution and Sewage Collection System Improvements in the amount of $46,412.75 for the Southampton Phases A-D, I-J and the Rec. Building Project located on the west side of Nob Hill Road between NW 801h Street and NW 71" Place 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 Lennar Homes, Inc., the Performance Bond upon acceptance of the Warranty Bond for the Southampton Phases A-D, I-J and the Rec. Building Project. The bond is in the form of an Irrevocable Standby Letter of Credit #S980172 from SunTrust Bank, in the amount of $114,938.00 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. 1 Fl I-] Temp. Reso. #8882, January 3, 2000 4 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 6: This Resolution shall become effective immediately upon its passage and adoption. PASSED, ADOPTED AND APPROVED this o�6 day of , 2000. ATTEST: CIA CAROL GOLD, CMC/AA CITY CLERK I HEREBY CERTIFY that I have annAied this RFSC7L UTION as MW/krs/mg CITY ATTOR kFT Y DIST /; DIST 2: DIST & DIST * JOE SCHREIBER MAYOR EXHIBIT I TEMP. RESO. # 8882 Cl 2 r E3 0 z I* 1 0 w-- z LJ [�? W J W J a J a u o2i CU d (/) Ld oC u m x w 0 a a a C14/CYPRESS CREEK -CANAL SOUTHGATE BLVD. ;. 83 ST 83 ST 7 g¢ > 7 ¢ o ¢ 7a ¢ �� 82 ST v o / 81 sT O W - 7 W `" 81 ST �q2 tioti P j a r WE TW❑ D 6 j o moo, 80 CT SE TI❑N 4 'e-� &p p / ST 80 1p0 j CT LCn lly �'.l L❑MBARDY m 0% EXETER TRENT KINGS PT, C❑MMER. PK. CY z %// /r/r w SITE OD LOCATION ROCKFORD z /%err GRANVILLE EVANGELICAL COVENANT ii ST CHURCH LL O w a / // /r // KINGS PT, /////r/ w /r/rj/r /jj//j ;! ' r'J-+ PROF. PLAZA KINGS POINT //j�ir f//r/ FAIRFAX %/j/i��i • k „ SALES & CENTER CLUB HOUS /.....ii�ji�r5 S_HAMPT❑N.DWC SOUTHAMPTON PHASES A—D, I—J AND RECREATION BUILDING RELEASE OF PERFORMANCE BOND "Exhibit 2" • S UNTRUST • .7 IRREVOCABLE NOVEMBER 13, 1998 SUNTRUST BANK, MIAMI, N.A. STANDBY LETTER OF CREDIT NO. S980712 BENEFICIARY: APPLICANT: CITY OF TAMARAC LENNAR HOMES, INC. CITY CLERK 700 NW 107TH AVENUE 7525 NW 88TH AVENUE MIAMI, FL 33172 TAMARAC, FLORIDA 33321 AMOUNT: USD 114,938.00 DATE OF EXPIRY : NOVEMBER 13,1999 PLACE OF EXPIRY: AT OUR COUNTERS BY ORDER OF OUR CLIENT, LENNAR HOMES INC., 700 NW 107TH AVENUE, MIAMI, FLORIDA, 33172, WE HEREBY OPEN OUR IRREVOCABLE LETTER OF CREDIT NUMBER S980712 IN YOUR FAVOR FOR AN AMOUNT NOT TO EXCEED IN THE AGGREGATE ELEVEN HUNDRED FOURTEEN THOUSAND NINE HUNDRED THIRTY EIGHT US DOLLARS AND 00/100, (USD 114,938.00) EFFECTIVE IMMEDIATELY AND EXPIRING AS STATED AT OUR COUNTERS AT SUNTRUST BANK, MIAMI, N.A., 3737 NW 87TH AVENUE, MIAMI FLORIDA 33178. WITHOUT OBLIGATION ON OUR PART, WE 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 THE DATE OF THE FORMAL ACCEPTANCE OF THE SUB -DIVISION IMPROVEMENTS OF THE CITY OF TAMARAC FOR THE INSTALLATION OF PUBLIC IMPROVEMENTS INDICATED ON CERTIFIED COST ESTIMATE DATE SEPTEMBER 28,1998 AND APPROVED BY THE UTILITY ENGINEER FOR WATER DISTRIBUTION AND SEWAGE COLLECTION SYSTEMS INSTALLATION FOR SOUTHAMPTON PHASE A-D,I,J & REC DEVELOPER'S OBLIGATION TO COMPLY WITH THE REQUIREMENT 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 REPRESENTATIVE THAT:"THE UNDERSIGNED, AN AUTHORIZED REPRESENTATIVE OF THE CITY OF TAMARAC, HEREBY CERTIFIES THAT: (A) THE DRAWING IS DUE TO LENNAR HOMES, INC.'S FAILURE TO CORRECT ALL INSUFFICIENCIES IN DESIGN, WORKMANSHIP AND/OR MATERIALS WHICH ARE FOUND WITHIN ONE (1) YEAR OF THE DATE OF THE FORMAL ACCEPTANCE OF THE PUBLIC IMPROVEMENTS BY THE CITY COMMISSION OF THE CITY OF TAMARAC, OR (B) THAT THE DEVELOPER'S OBLIGATIONS HAVE NOT BEEN COMPLETED, AND THE CITY OF TAMARAC HAS BEEN NOTIFIED THAT THE LETTER OF CREDIT WILL NOT BE EXTENDED, OR (C) THAT THE CITY OF TAMARAC HAS BEEN NOTIFIED THAT THE LETTER OF CREDIT WILL NOT BE EXTENDED." THE ORIGINAL LETTER OF CREDIT AND ANY AMENDMENTS MUST BE CONTINUED ON NEXT PAGE f y i. All correspondence and communication should be directed to our agent SunTrust International Services, Inc., 3737 N.W. 87th Avenue, 1st Floor, Miami, Florida 33178 Swift: SNTRU3M Telex: 542210 � SUNTRUST IRREVOCABLE LETTER OF CREDIT NO.. S980712 2 PRESENTED WITH ANY DRAWING HEREUNDER. THIS LETTER OF CREDIT SHALL BE AUTOMATICALLY RENEWED, WITHOUT 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 (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 WRITTEN NOTIFICATION THAT IT MAY BE TERMINATED PRIOR TO THE THEN CURRENT EXPIRATION DATE. WE ENGAGE WITH YOU THAT EACH DRAFT DRAWN UNDER AND IN STRICT 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 HEREIN. ALL DRAFT(S) DRAWN UNDER THIS CREDIT MUST BE MARKED: "DRAWN UNDER SUNTRUST BANK, MIAMI, N.A., OF CREDIT NUMBER S980712. DOCUMENTS MUST BE PRESENTED AT OUR OFFICES AS FOLLOWS: SUNTRUST INTERNATIONAL SERVICES, INC. ATTN: LC DEPT. 3737 N.W. 87TH AVENUE, MIAMI, FLORIDA 33178 1ST FLOOR . ON ANY REGULAR BANKING DAY BETWEEN THE HOURS OF 8:30 AM TO 3:00 PM. ANY DOCUMENTS RECEIVED AFTER 3:00 P.M. WILL BE DEEMED TO BE RECEIVED THE FOLLOWING BANKING DAY. EXCEPT SO FAR AS OTHERWISE STATED, THIS CREDIT IS SUBJECT TO THE "UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS" (1993 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION 500, OR REVISION CURRENTLY IN EFFECT. 01, H RI ED SIGNATURE SUNTRUST INT'L SERVICES,INC. AS AGENTS FOR SUNTRUST BANK, MIAMI, N.A. 307 MARLS N A`zNN 'A ASSISI .,y . ' T. Lmu.s C All correspondence and communication should be directed to our agent SunTrust International Services, Inc., 3737 N.W. 87th Avenue, 1 st Floor, Miami, Florida 33178 Swift: SNTRU3M Telex: 542210