Title
MOTION TO RELEASE PERFORMANCE BOND #800054907 IN THE AMOUNT OF $2,886,856.50 (TWO MILLION EIGHT HUNDRED EIGHTY-SIX THOUSAND EIGHT HUNDRED FIFTY-SIX DOLLARS AND FIFTY CENTS) FROM D.R. HORTON, INC.; ACCEPT MAINTENANCE BOND #800219393 IN THE AMOUNT OF $423,478 (FOUR HUNDRED TWENTY-THREE THOUSAND FOUR HUNDRED SEVENTY-EIGHT DOLLARS); AND APPROVE THE BILL OF SALE AND EASEMENT DEDICATIONS FOR MERRICK SQUARE TOWNHOMES, LOCATED IN PEMBROKE PINES, FLORIDA.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. Certification of Completion:
The Engineer of Record, A.J. Hydro Engineering, Inc., has certified that the water and sewer improvements for Merrick Square Townhomes have been completed in accordance with the approved plans and applicable City standards.
2. Inspection and Compliance:
The Engineering Division has inspected the installed water and sewer improvements and determined that they comply with the approved plans and City standards.
3. Conditions Met for Final Acceptance:
The developer, D.R. Horton, Inc., has satisfied all conditions required for final acceptance of the improvements. Accordingly, Performance Bond #800054907, in the amount of $2,886,856.50, originally posted to guarantee completion, is eligible for release.
4. Maintenance Bond Received:
Maintenance Bond #800219393, in the amount of $423,478, has been submitted in accordance with City requirements to provide financial assurance for the correction of defects during the warranty period.
5. Bill of Sale and Easement Dedications:
As part of this agenda item, the City of Pembroke Pines will accept the utility easements necessary for the operation and maintenance of the improvements. The associated bill of sale conveys ownership of the water and sewer infrastructure to the City.
6. Recommendation:
Based on the successful completion of the project and staff review, the Engineering Division recommends approval of the following actions:
- Release of Performance Bond #800054907 - $2,886,856.50
- Acceptance of Maintenance Bond #800219393 - $423,478
- Approval and recordation of the Bill of Sale
- Acceptance of utility easement dedications
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 |
1,000 |
1,000 |
1,000 |
1,000 |
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Net Cost |
1,000 |
1,000 |
1,000 |
1,000 |
1,000 |
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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.