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File #: 6868   
Type: Consent Status: Adopted
File created: 5/18/2024 In control: Public Works Department
On agenda: 7/9/2024 Final action: 7/9/2024
Title: Adopt Resolution and Release Performance Bond: Laurasia Subdivision, Phase 2 - District 4 Developer: The Viera Company
Sponsors: Public Works Department
Attachments: 1. LaurasiaPhase2_Resolution_05182024_ADA.pdf, 2. Laurasia Phase 2_ContractBond_05242024_ADA.pdf

Subject:

Title

Adopt Resolution and Release Performance Bond: Laurasia Subdivision, Phase 2 - District 4
Developer: The Viera Company

End

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 February 20, 2024, for the above referenced project.

End

Summary Explanation and Background:

Laurasia Subdivision, Phase 2 is located within the Viera Development of Regional Impact (DRI), east of Stadium Parkway and south of Pineda Boulevard. The proposed subdivision contains 99 lots on 64.64 acres.  The private rights-of-way created by the plat are Edestus Drive and the continuation of Laurasia Avenue.

 

The Laurasia Subdivision, Phase 2 received preliminary plat and final engineering plans on March 17, 2022, and final plat and contract approval on February 20, 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 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 May 17, 2024, the Laurasia Subdivision, Phase 2 infrastructure improvements have been completed.  Given that the subdivision is private, a 2-year maintenance bond is not required.

 

Reference:  21SD00005, 23FM00009, 24BD00004

 

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 1 original of the Resolution.