MOTION TO ALLOW THE MAYOR AND THE CITY MANAGER TO SIGN THE AMENDMENT TO THE REGIONAL ROAD CONCURRENCY AGREEMENT BETWEEN BROWARD COUNTY, DUKE REALTY LIMITED PARTNERSHIP, AND THE CITY OF PEMBROKE PINES FOR THE DUKE PEMBROKE B PLAT, TO REMOVE THE REQUIREMENT FOR SURETY BOND.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. The Duke Pembroke B Plat (043-MP-08) was approved by the City of Pembroke Pines on September 16, 2009 subject to a Regional Road Concurrency Agreement between Broward County, Duke Realty Limited Partnership, and the City of Pembroke Pines.
2. The Agreement deferred 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.
4. The property owner has requested an Amendment to Road Concurrency Agreement to delete the requirement for the Surety Bond.
5. The Amendment to the Regional Road Concurrency Agreement must be executed by all parties to the original Agreement.
6. Motion to allow the Mayor and the City Manager to sign the amendment to the Regional Road Concurrency Agreement between Broward County, Duke Realty Limited Partnership, and the City of Pembroke Pines for the Duke Pembroke B 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 project: Not Applicable.
e) Detail of additional staff requirements: Not Applicable.