Subject:
Title
Adopt Resolution and Release Performance Bond: Merope Village Phase 1 (aka Village 2, Neighborhood 2) - 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 April 18, 2023, for Merope Village Phase 1 (aka Village 2, Neighborhood 2)...End
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Summary Explanation and Background:
Merope Village Phase 1 (aka Village 2, Neighborhood 2) is located within the Viera Development of Regional Impact (DRI), on the east side of Lake Andrew Drive just north of Pineda Boulevard. The public rights-of-way created by the plat are Merope Drive, Rigel Drive, and Rana Way. The proposed plat contains 4 tracts on 18.59 acres.
The Merope Village Phase 1 (aka Village 2, Neighborhood 2) plat received preliminary plat and final engineering plans on December 27, 2022, and final plat and contract approval on April 18, 2023. 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 applican...
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