Title
MOTION TO RELEASE PERFORMANCE BOND #2266854 IN THE AMOUNT OF $848,620.30 FROM DOUGLAS GARDENS V. LTD, ACCEPT THE MAINTENANCE BOND #2294281 IN THE AMOUNT OF $38,400.00 (WHICH IS 20% OF THE CERTIFIED COSTS FOR WATER AND SEWER IMPROVEMENTS) AND ACCEPT AND RECORD THE BILL OF SALE, AND EASEMENT DEDICATION FOR DOUGLAS GARDENS V.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. Keith & Associates, Inc. the Engineer of Record for the project has certified that the water and sewer improvements for Douglas Gardens have been completed in accordance with the approved plans and specifications.
2. The Utility Easements which provide for maintenance access to the water and sewer improvements are being accepted by the City of Pembroke Pines as part of this motion.
3. The Environmental Services Division has inspected the improvements and found them to be consistent with the approved plans and specifications.
4. This motion will release Performance Bond #2266854 in the amount of $848,620.30 from Douglas Gardens V, LTD for the water and sewer improvements only, accept the Maintenance Bond #2294281 the amount of $38,400.00 for the one year maintenance period for water and sewer improvements only, accept and record the Bill of Sale and Easements for Douglas Gardens V.
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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Expenditures |
1,000 |
1,000 |
1,000 |
1,000 |
1,000 |
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e) Detail of additional staff requirements: Not Applicable.