Title
MOTION TO RELEASE LETTER OF CREDIT # FGAC-24401 AND ACCEPT MAINTENANCE LETTER OF CREDIT # FGAC-25701 FOR THE PROJECT: TUSCAN SPRINGS AKA SKYRISE TOWNHOMES AND RECORD BILL OF SALE AND EASEMENT DEDICATION.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. This agenda item requests City Commission approval to release Performance Letter of Credit # FGAC-24401 in the amount of $591,584.40 (Five hundred ninety-one thousand five hundred eighty-four dollars and forty cents) submitted by Lennar Homes, LLC, following the satisfactory completion of water and sewer improvements associated with the Tuscan Springs AKA Skyrise Townhomes project.
2. Additionally, approval is requested to accept Maintenance Letter of Credit # FGAC-25701 in the amount of $107,351.80 (One hundred seven thousand three hundred fifty-one dollars and eighty cents), representing twenty percent (20%) of the certified construction cost for the water and sewer improvements, for the required one-year maintenance period. Acceptance of the Bill of Sale and Easement Dedication is also requested as part of this action.
3. The Engineer of Record, Sun-Tech Engineering, Inc., has certified that all work authorized under Engineering Permit ENG2024-0072 has been completed in accordance with the approved plans and specifications. City staff has reviewed the certification and confirmed that all required improvements have been satisfactorily completed.
4. The Engineering Division has inspected the installed water and sewer improvements and determined that they are consistent with the approved plans and City standards. Utility easements necessary to provide access for operation and maintenance of the improvements are being accepted by the City of Pembroke Pines as part of this agenda item.
5. Based on the successful completion of the project and staff’s review, the Engineering Division recommends approval of the following actions:
- Release Performance Letter of Credit # FGAC-24401 in the amount of $591,584.40 (Five hundred ninety-one thousand five hundred eighty-four dollars and forty cents)
- Accept Maintenance Letter of Credit # FGAC-25701 in the amount of $107,351.80 (One hundred seven thousand three hundred fifty-one dollars and eighty cents) for the one-year maintenance period
- Accept the Bill of Sale and Easement Dedication for the Tuscan Springs AKA Skyrise Townhomes located south of Pines Boulevard and west of SW 184 Avenue.
Financial Impact
FINANCIAL IMPACT DETAIL:
a) Initial Cost: None.
b) Amount budgeted for this item in Account No: Not Applicable.
c) Source of funding for difference, if not fully budgeted: Not Applicable.
d) 5-year projection of the operational cost of the project: Annual repair and maintenance of approximately $1,000.
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Current FY |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
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Revenues |
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Expenditures |
$1,000.00 |
$1,000.00 |
$1,000.00 |
$1,000.00 |
$1,000.00 |
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Net Cost |
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e) Detail of additional staff requirements: Not Applicable
FEASIBILITY REVIEW:
A feasibility review is required for the award, renewal and/or expiration of all function sourcing contracts. This analysis is to determine the financial effectiveness of function sourcing services.
a) Was a Feasibility Review/Cost Analysis of Out-Sourcing vs. In-House Labor Conducted for this service? Not Applicable.
b) If Yes, what is the total cost or total savings of utilizing Out-Sourcing vs. In-House Labor for this service? Not Applicable.