Loading...
HomeMy WebLinkAboutCity of Tamarac Resolution R-97-150Temp. Reso.#7886 May 15, 1997 1 CITY OF TAMARAC RESOLUTION NO. R-97- 15a 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 $439,309.01 SUBJECT TO THE RECEIPT OF TWO ONE- YEAR WARRANTY BONDS, ONE IN THE AMOUNT OF $143,779.88 FOR THE WATER DISTRIBUTION AND SEWAGE COLLECTION IMPROVEMENTS AND ONE IN THE AMOUNT OF $19,957.75 FOR THE PAVING AND DRAINAGE SYSTEM IMPROVEMENTS FROM PULTE HOME CORPORATION FOR THE LAND SECTION 6 - PHASE 1 PROJECT LOCATED BETWEEN MCNAB ROAD AND SO.UTHGATE BOULEVARD WEST OF 108TH TERRACE; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Pulte Home Corporation has constructed the Land Section 6 - Phase 1 development and has installed the Public Improvements in accordance with the Site Plan approved by the City Commission on February 9, 1994; and WHEREAS, the Water and Sewer Developer's Agreement accepted and executed by the City of Tamarac on February 15, 1994, require Pulte Home Corporation to provide two one-year Warranty Bonds to the City of Tamarac for the Land Section 6 - Phase 1 Project Public Improvements located (attached hereto in map form as "Exhibit 1") between McNab Road and Southgate Boulevard west of 108th Temp. Reso.#7886 May 15, 1997 2 Terrace; and WHEREAS, Pulte Home Corporation has requested the release of the Public Improvement Performance Bond in the form of an Irrevocable Standby Letter of Credit #11763793 from Pulte Financial Companies, Inc., in the amount of $439,309.01 (attached hereto as "Exhibit 2") subject to the receipt of two one-year Warranty Bonds, one in the amount of $143,779.88 for the Water Distribution and Sewage Collection System Improvements and one in the amount of $19,957.75 for the Paving and Drainage System Improvements installed in the Land Section 6 - Phase 1 Project; and WHEREAS, the Improvements were inspected, approved and are recommended for acceptance for the one-year warranty period; and WHEREAS, it is the recommendation of the Interim Director of Utilities and the Director of Public Works that the Public Improvement Performance Bond be released for the Land Section 6 - Phase 1 Project Public 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 in the form of an Irrevocable Standby Letter of Credit #11763793 from Pulte Financial Companies, Inc., in the amount of $439,309.01 subject to the receipt of two one-year Warranty Bonds from Pulte Home Corporation for Temp. Reso.#7886 May 15, 1997 3 the Land Section 6 - Phase 1 Project Public Improvements. 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 two one-year Warranty Bonds, one in the amount of $143,779.88 for the Water Distribution and Sewage Collection System Improvements and one in the amount of $19,957.75 for the Paving and Drainage System Improvements for the Land Section 6 - Phase 1 Project located between McNab Road and Southgate Boulevard west of 108th Terrace 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 Pulte Home Corporation the Performance Bond upon acceptance of the two one-year Warranty Bonds for the Land Section 6 - Phase 1 Project. The bond is in the form of an Irrevocable Standby Letter of Credit #11763793 from Pulte Financial Companies, Inc., in the amount of $439,309.01 for the Public Improvements. SECTION 4• All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. SECTION 5: If any clause, section, other part or application of this 1 1 r-J Temp. Reso.#7886 May 15, 1997 4 Resolution is held by any court of competent jurisdiction to be unconstitutional or invalid, in 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 07-,5day of 1997. ATTEST: CAROL A. EVANS, CMC CITY CLERK I HEREBY CERTIFY that I have approved this RESOLUTION as to foum. TR/dav/aml MITCHELL S. CITY ATTOI ti JOE SCHREIBER MAYOR RECORD OF COMMISSION MAYOR SCHREI ER DIST 1: COMM, McKAYE DIST 2: V/ 0 MISHKIN DIST 3: COMU , ULTAwOF DIST 4:_,. COMM._ROSERtS F TEMP. RESO. # 7886 EXHIBIT 1 I * I* 1cl P.S. N3 C14/CYPRESS CREEK CANAL SOUTHGATE BLVD, SOUT GATE BLVD. j 83 ST 83 ST 83 ST X ] w SPR1N EA VI LAS 0 © o 81 ST $1 ST 74 r WE TW❑ D F=„ 80 CT SECTION 24 o d / p Sr 8p po J ��R2�Fy`` TRI2 Cp d ti W y j EXETER % / t02P, f 9 ! / Pli� W w%////%j a / TR13-A 1F CsP /i/j/ /i/ i jjP� LOMBARDY r� /i Z y EXETER lip ¢ u -i ay TRENT y%// Yjj j/j KINGS PT, o cu a. a TR14C u w w LAND SEC. w Z / x w �,/� LOCATION GRANVILLE TR15B ,!// SrOGEF1ELD �» THIS SITE TR15A �j/////j/� > z Z 0%/////�%//// rya ] W] A WC'i //�//� /�/ // %r FAIRFAX LLJ a E CLAIRMONT DR ASHMONT CIR h tiN a CLAIRMONT j cO c o ASHMONT A B 3 ti �10- 7j PL G� 71 71 ' / 6�0 LJ MCNAB ROAD MCNAB ROF LAND SECTION 6 - PHASE 1 LANIlSEC6.DWG PERFORMANCE BOND RELEASE EXHIBIT 2 Temp. Reso.#7886 PULTE FINANCIAL COMPANIES, INC. 6061 S. WILLOW DRIVE, SUITE 300 GREENWOOD VILLAGE, COLORADO 80111 IRREVOCABLE STANDBY LETTER OF CREDIT LAND SECTION 6 - SANIBEL/CAPTIVA PUBLIC IMPROVEMENTS PERFORMANCE SECURITY CITY OF TAMARAC 6811 N-W, 88TH AVE1viJE TAMARAC, FLORIDA 33321 DATE: OCTOBER 21, 1993 NO: 11763793 AMOUNT: $439,309.01 WE HEREBY OPEN OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 11763793 L YOUR FAVOR, FOR ACCOUNT OF PULTE HOME CORPORATION, 1350 E. NEWPORT CENTER DRIVE, 9200, DEERFIELD BEACH, FL 33442 FOR A SUM NOT EXCEEDING FOUR HUNDRED THIRTY- NINE THOUSAND THREE HUNDRED NINE AND 011100 US DOLLARS (S439,309.01) AVAILABLE BY YOUR DRAFT AT SIGHT ON PULTE FINANCIAL COMPASS, INC., WHEN ACCOMPANIED BY: A STATEMENT SIGNED BY THE CITY OF TAMARAC OR ITS AUTHORIZED REPRESENTATIVE AS FOLLOWS: "WE CERTIFY THAT PULTE HOME CORPORATION HAS FAILED TO COMPLETE THE INSTALLATION OF PUBLIC IMPROVEMENTS INDICATED ON CERTIFIED COST ESTIMATE DATED OCTOBER 8, 1993 AND ON PLANS PREPARED BY CCL CONSULTANTS, NC. AND APPROVED BY THE CITY ENGINEER FOR PUBLIC IMPROVEMENTS FOR THE SANIBEL/CAPTIVA PROJECT AND THAT PULTE HOME CORPORATION'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 A'vtEIvDMENT FOR ONE YEAR PERIODS FROM THE EXPIRATION DATE HEREOF, OR ANY FUTURE 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 AS INDICATED ABOVE OR A STATE1viENT SIGNED BY THE CITY OF TAMARAC OR ITS AUTHORIZED REPRESENTATIVE AS FOLLOWS: "WE CERTIFY THAT WE HAVE BEEN NOTIFIED IN WRITING BY PULTE FINANCIAL COMPANIES, INC. OF THEIR ELECTION NOT TO RENEW THEIR LETTER OF CREDIT NO. 11763793 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 PULTE FINANCIAL COMPANIES, INC. LETTER OF CREDIT NO. 11763793." THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1983 REVISION), INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO. 400. No Text