Subject:
Title
Adopt Resolution and Release Performance Bond: Walkabout Way & Pod 17, also known as Morrow Place Subdivision - District 1
Developer: Olen Development Corporation
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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 November 5, 2013 for the above referenced project.
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Summary Explanation and Background:
The Walkabout Way & Pod 17, also known as Morrow Place subdivision plat is located approximately two miles north of Highway 46 in the Indian River Preserve Golf and Community, formerly known as Walkabout Golf Community. The proposed subdivision contains 34 single family lots on 8.64 acres.
The Walkabout Way & Pod 17, also known as Morrow Place subdivision plat received approval of its preliminary plat and final engineering plans on August 22, 2006, and final plat and contract approval on November 5, 2013. 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 ...
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