Title
ADD-3 Addendum Item - MOTION TO RELEASE PERFORMANCE BOND #800013211 IN THE AMOUNT OF $845,553.64 FROM TERRA CITY CENTER INVESTMENTS II, LLC., ACCEPT THE MAINTENANCE BOND #800042794 IN THE AMOUNT OF $102,750.90 (WHICH IS 20% OF THE ENGINEER OF RECORDS CERTIFIED COSTS) FOR THE ONE YEAR MAINTENANCE PERIOD AND RECORD THE EASEMENTS AND THE BILL OF SALE FOR CITY CENTER RETAIL PHASE II.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. Sun-Tech Engineering the Engineer of Record for the project has certified that the water and sewer improvements for City Center Retail Ph. II 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 #800013211 in the amount of $845,553.64, accept the Maintenance Bond #800042794 in the amount of $102,750.90 for the one year maintenance period for water and sewer improvements only, accept and record the Bill of Sale and Easements for City Center Retail Phase II.
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 $1,000.00.
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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 |
e) Detail of additional staff requirements: Not Applicable.