Subject:
Title
Adopt Resolution and Release Performance Bond: Cove at Morrow Place (FKA Morrow Place at Walkabout) - District 1
Developer: D.R. Horton, Inc.
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 May 3, 2022, for the above referenced project.
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Summary Explanation and Background:
The Cove at Morrow Place subdivision is a re-plat of Morrow Place at Walkabout to revise lot lines and accommodate a different townhouse floor plan without changing the number of lots. It is located within the Indian River Preserve Planned Unit Development on the north side of Clubhouse Drive approximately half a mile west of the traffic circle at Indian River Parkway. The re-plat of the subdivision contains 34 townhouse units on 5.51 acres.
The Cove at Morrow Place subdivision received preliminary plat and final engineering plans on February 9, 2022, and final plat and contract approval May 3, 2022. The developer posted a Surety Performance Bond for guarantee of the completion of the infrastructure improvements according to the approved plans.
Per Section 62-2809(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 February 21, 2023, the Cove at Morrow Place subdivision infrastructure improvements have been completed.
Reference: 21SDM00001, 21FM00014
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 2 originals of the Resolution.