Subject:
Title
Adopt Resolution and Release Performance Bond: Viera Boulevard Commercial Center I, 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 July 9, 2019 for the above referenced project.
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Summary Explanation and Background:
The Viera Boulevard Commercial Center I, Phase 1 plat is located within the Viera Development of Regional Impact (DRI) at the southeast corner of Stadium Parkway and Viera Boulevard and contains nine lots on 89.37 acres.
The Viera Boulevard Commercial Center I, Phase 1 plat received approval of its preliminary plat and final engineering plans on May 23, 2019, and final plat and contract approval on July 9, 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 approv...
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