Subject:
Title
Adopt Resolution and Release Performance Bond: Stadium Parkway South Extension, Phase 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 23, 2019 for the above referenced project.
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Summary Explanation and Background:
Stadium Parkway South Extension, Phase 2 is located within the Viera Development of Regional Impact (DRI), south of Addison Drive. The proposed phase created road right-of-way on 7.75 acres.
Stadium Parkway South Extension, Phase 2 received approval of its preliminary plat and final engineering plans on December 6, 2016, and final plat and contract approval on April 23, 2019. 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 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 May 20, 2020, the Stadium Parkway South Extension, Phase 2 infrastructure improvements have been completed.
Reference: 16SD00010 and 19SD00001
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.