Subject:
Title
Adopt Resolution and Release Performance Bond: Bridgewater South at Viera Section 1 Subdivision - District 4
Developer: WCI Communities, LLC and 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 September 14, 2021 for the above referenced project.
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Summary Explanation and Background:
Bridgewater South at Viera Section 1 subdivision is located within the Viera Development of Regional Impact (DRI), west of Breakers Row Avenue, on Great Belt Circle. The proposed subdivision contains 56 single- family lots on 23.91 acres.
The Bridgewater South at Viera Section 1 subdivision received preliminary plat and final engineering plans on October 7, 2020, and final plat and contract approval on December 8, 2020. 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.
Per the approved plans, “Asphaltic pavement to be installed in two lifts as follows: Initial construction of a 1 & ¼” S-1 and a second lift of ¾” S-III. The Developer will bond the cost for the second lift and complete the second lift within two (2) years or forfeit such bond.”
The infrastructure and first lift were completed as of August 12, 2021. On September 14, 2021, the Board released the contract and bond as well as granted contract approval to guarantee the construction of the second lift of asphaltic pavement.
As of January 24, 2023, the second lift of asphaltic pavement has been completed and has passed inspection. We are requesting the Board of County Commissioners adopt the attached Resolution to Release the Contract and Surety Performance Bond back to the Developer.
Reference: 20SD00007, 20FM00006
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.