Subject:
Title
Performance Bond Reduction: Pineda Boulevard West Extension Segments F, G, & H, Phases 1 -3 - District 4
Developer: The Viera Company
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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 authorize the release of a portion ($8,740,873.43) of the Performance Bond provided with Contract dated August 30, 2022, for Pineda Boulevard West Extension Segments F, G, & H, Phases 1 - 3 Subdivision/Road Plat.End
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Summary Explanation and Background:
The Pineda Boulevard West Extension Segments F, G, & H, Phases 1 - 3 Subdivision/Road Plat is located within the Viera Development of Regional Impact (DRI), south of Wickham Road between Stonecrest Drive and just south of Ginkgo Drive. The proposed Subdivision/Road Plat contains 17.45 acres.
The Pineda Boulevard West Extension Segments F, G, & H, Phases 1 - 3 Subdivision/Road Plat received preliminary plat and final engineering plans on May 17, 2022, and final plat and contract approval on August 30, 2022. The developer posted a Surety Performance Bond for guarantee of the completion of the infrastructure improvements according to the approved plans.
Per Section 62-2844(b), “Release or reduction of performance security: No security shall be released until a certificate of completion has been posted under this article. The board upon the recommendation of the county development engineer, and upon recommendation from the public works department, may reduce the amount of required security upon the completion and acceptance by the appropriate governmental units of all utility installations for the subdivision or the completion and approval of all the roads and drainage systems. The amount of the reduction of the security shall be relative to the amount of the cost of the utilities or roads and drainage which constitutes the entire subdivision improvement cost estimate used for posting security under this article.
As of July 19, 2023, a Certificate of Completion was issued for Phases 1 and 3. Given that the bond provided was for the entire project without phasing, the developer has requested to reduce the bond to cover the work that remains for Phase 2. We are in receipt of a 2-year Maintenance bond for Phases 1 and 3. If the request for the bond reduction is approved, the performance bond amount retained until completion of Phase 2 will be $4,426,584.38.
Reference: 22FM00006, 22SD00001
Contact: Christine Verrett, Special Projects Coordinator III, Extension 58328
Clerk to the Board Instructions:
Please forward the Board action to the Public Works Department.