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Release of Performance Bond and Acceptance of Maintenance Bond for Park Ridge Villas f/k/a Anderson Snow Villas
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BRIEF OVERVIEW
Developer Tri-County Development, Inc., is requesting to release the $2,290,550.57 Performance Bond and enter into the Maintenance Period for Park Ridge Villas (fka Anderson Snow Villas) project. Tri County Development has met the conditions of the performance bond. They have posted a Maintenance Bond in the amount of $458,110.11 to secure the related subdivision.
FINANCIAL IMPACT
There are no budgetary impacts associated with the recommended action.
LEGAL NOTE
The Board has the authority to act on this matter pursuant to Chapter 26, Code of Ordinances, and Chapter 125, Florida Statutes.
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RECOMMENDATION
It is recommended that the Board approve the release of the Performance Bond for Park Ridge Villas (fka Anderson Snow Villas) Subdivision and accept the Maintenance Bond from Tri-County Development, Inc., in the amount of $458,110.11 for a period of 18 months as required by County Ordinance.