Subject:
Title
Adopt Resolution and Release Performance Bond: Watermark Phase 1 and 2 - District 1
Developer: Stanley Martin Homes, LLC
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Fiscal Impact:
None
Dept/Office:
Public Works/Engineering
Requested Action:
Recommendation
In accordance with Section 62-2844(b), it is requested that the Board of County Commissioners adopt the attached Resolution and authorize the Chair to sign the Resolution releasing the Contract and Surety Performance Bond dated April 9, 2024, for Watermark Phase 1 and 2.
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Summary Explanation and Background:
Watermark Phase 1 and 2 is located west of North Highway 1 on the north side of Camp Road. The public rights-of-way created by the plat are Watermark Drive, Quarryside Drive, Poller Way, Rockaway Lane, Caldwell Court, and Ladoga Drive. The subdivision contains 166 lots on 80.41 acres.
The Watermark Phase 1 and 2 subdivision received preliminary plat and final engineering plans on February 2, 2022, and final plat and contract approval on April 9, 2024. The developer posted a Surety Performance Bond for guarantee of the completion of the infrastructure improvements according to the approved plans.
Per Section 62-2809(b)(2), “Construction after final plat recordation: ...the applicant shall provide security required in Section 62-2844 for the performance of such construction...” Section 62-2844(a) states: “An applicant shall be required to secure its performance security of the construction required under this article by a surety bond, letter of credit, savings account, certificate of deposit or execution of a tri-party escrow agreement. Such security shall not be required if a certificate of completion has been issued for all the subdivision improvements prior to final plat recordation.” Because the applicant chose to plat the subdivision prior to completion of construction, the applicant entered into a Contract with the Board and posted a Surety Performance Bond to guarantee the completion of the infrastructure improvements according to the approved plans.
As of November 27, 2024, the Watermark Phase 1 and 2 infrastructure improvements have been completed and we are in receipt of a two-year maintenance bond.
Reference: 19SD00019, 22FM00013
Contact: Christine Verrett, Special Projects Coordinator III, Extension 58328
Clerk to the Board Instructions:
Please forward the Board action to the Public Works Department and provide one original of the Resolution.