Subject:
Title
Adopt Resolution and Release Performance Bond: Reeling Park North and Seville at Addison Village, Phase 6 - 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 Reeling Park North and Seville at Addison Village, Phase 6.
End
Summary Explanation and Background:
Reeling Park North and Seville at Addison Village, Phase 6 is located within the Viera Development of Regional Impact (DRI), between Stadium Parkway and Lake Andrew Drive on the west side of Desmond Ave and south of Spur Drive and Trafford Drive. The public rights-of-way created by the plat are the north end of Zuma Lane and Allure Drive. The proposed subdivision contains 109 lots on 18.36 acres.
The Reeling Park North and Seville at Addison Village, Phase 6 subdivision received preliminary plat and final engineering plans on April 28, 2015, 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 appli...
Click here for full text