Title
MOTION TO ACCEPT PINES MARKET RESIDENTIAL AKA SUNSET PINES, BILL OF SALE FOR WATER AND SEWER IMPROVEMENTS, UTILITY EASEMENTS, AND MAINTENANCE BOND - LETTER OF CREDIT # FGAC-24914 IN THE AMOUNT OF $ 150,171.81 (ONE HUNDRED FIFTY THOUSAND ONE HUNDRED SEVENTY-ONE AND 81/100 US DOLLARS, DIRECT THE CITY CLERK TO ACCEPT THE RECORDED UTILITY EASEMENT AND RELEASE THE PERFORMANCE BOND- LETTER OF CREDIT # FGAC-21462 IN THE AMOUNT OF $ 2,172,138.09 (TWO MILLION ONE HUNDRED SEVENTY TWO THOUSAND ONE HUNDRED THIRTY EIGHT AND 09/100 DOLLARS).
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. SunTech Engineering, Inc. has certified that all water and sewer improvements for Pines Market Residencial AKA Sunset Pines, which is located on the east side of Dykes road south of Pines Boulevard have been complete in accordance with the approved plans and specifications.
2. The Engineering Division has inspected the improvements and found them to be consistent with the approved plans and specifications.
3. Motion to accept Pines Market Residential A.K.A. Sunset Pines, Bill of Sale for Water and Sewer Improvements, Utility Easements, and Maintenance Letter of Credit # FGAC-24914 in the amount of $ 150,171.81 (one hundred fifty thousand one hundred seventy-one and 81/100 dollars), Direct the City Clerk to accept the recorded Utility Easements and release of the Performance Bond - Letter of Credit # FGAC-21462 in the amount of $ 2,172,138.09 (two million one hundred seventy two thousand one hundred thirty eight and 09/100 us dollars)
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.
Current FY Year 2 Year 3 Year 4 Year 5
Revenues
Expenditures 1,000 1,0...
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