Subject:
Title
Adopt Resolution and Release Performance Bond: Farallon Fields at Viera, Phase 1 - 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 adopt the attached Resolution and authorize the Chair to sign the Resolution releasing the Contract and Surety Performance Bond dated February 20, 2024, for Farallon Fields at Viera, Phase 1...End
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Summary Explanation and Background:
Farallon Fields at Viera, Phase 1 is located within the Viera Development of Regional Impact (DRI), south of Pineda Boulevard and west of Stadium Parkway. The public rights-of-way created by the plat are the continuation and end of Farallon Fields Way, Nantai Lane, Karelian Drive (excluding the portion thereof lying within Tract ZZ), Langila Drive, and Rocard Court. The proposed subdivision contains 156 single family residential lots on 103.4 acres.
The Farallon Fields at Viera, Phase 1 subdivision received preliminary plat and final engineering plans on September 11, 2023, 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 t...
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