MOTION TO ALLOW THE MAYOR AND THE CITY MANAGER TO SIGN THE SECOND AMENDMENT TO THE REGIONAL ROAD CONCURRENCY AGREEMENT BETWEEN BROWARD COUNTY, DUKE REALITY LIMITED PARTNERSHIP, AND THE CITY OF PEMBROKE PINES FOR THE DUKE PEMBROKE A PLAT, TO REMOVE THE REQUIREMENT FOR SURETY BOND.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. The Duke Pembroke A Plat (014-MP-07) was approved by the City of Pembroke Pines on June 6, 2007 subject to a Regional Road Concurrency Agreement between Broward County, Duke Realty Limited Partnership, and the City of Pembroke Pines.
2. An Amendment to the Regional Road Concurrency Agreement for the Duke Pembroke A Plat was approved by the City of Pembroke Pines on April 1, 2009. This Amendment revised the original Road Concurrency Agreement to defer the payment of regional transportation concurrency fees until permits are issued and required that the Transit Concurrency Assessment be secured by a bond in the amount of the Transit Concurrency Assessment.
3. Broward County has eliminated the requirement for a surety bond to be posted with Broward County. The property owner has requested a Second Amendment to Road Concurrency Agreement to delete the requirement for the Surety Bond.
4. The Second Amendment to the Regional Road Concurrency Agreement must be executed by all parties to the original Agreement and the first Amendment.
5. Motion to allow the Mayor and the City Manager to sign the second amendment to the Regional Road Concurrency Agreement between Broward County, Duke Reality Limited Partnership, and the City of Pembroke Pines for the Duke Pembroke A Plat, to remove the requirement for surety bond.
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 ...Click here for full text