Title
MOTION TO RELEASE THE PERFORMANCE BOND #106562824 ISSUED BY TRAVELERS CASUALTY AND SURETY COMPANY IN THE AMOUNT OF $175,612.80, REPRESENTING 110% OF THE COST OF WATER AND SEWER IMPROVEMENTS CONSTRUCTED UNDER ENGINEERING PERMIT NOS. 2016-115 AND 2016-116 FOR THE SEARS REDEVELOPMENT (A.K.A. AMC THEATRE AT PEMBROKE LAKES MALL) LOCATED AT 12085 PINES BOULEVARD.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. The Engineer of Record, Lynch & Associates Engineering Consultants, LLC, has certified that all water and sewer improvements have been completed in accordance with the approved plans and to the satisfaction of the City’s Engineering Division. The improvements have been in service for over eight (8) years with no documented issues or deficiencies reported.
2. A final inspection has been conducted by the City’s Engineering Division, confirming that the installed improvements conform to the approved plans and specifications approved on July 28, 2016, by the City Engineer.
3. Based on the Engineer of Record’s certification and the City’s inspection findings, the Engineering Division recommends the release of the Performance Bond. Furthermore, due to the age and proven performance of the system, the requirement for a Maintenance Bond is no longer necessary. In addition, all sanitary sewer systems were televised and accepted by the Engineering Division on October 10, 2017.
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 1,000 1,000 1,000 1,000
Net Cost
e) Detail of additional staff requirements: Not Applicable
FEASIBILITY RE...
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