TITLE
title
Release of Performance Bond and Acceptance of Maintenance Bond for Waterford Phase 3A
body
BRIEF OVERVIEW
Developer Goodwin Bros. Construction, Inc. is requesting to release the $3,854,447.40 Performance Bond and enter into the Maintenance Period for the Waterford Phase 3A project.
Goodwin Bros. Construction, Inc. has met the conditions of the Performance Bond, and they have posted a Maintenance Bond in the amount of $899,356.14 to secure the related subdivision.
STRATEGIC PLAN INITIATIVES
The request is consistent with Strategic Theme D, "Quality of Life".
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, Article II, Section 26-21 of the Hernando County Code of Ordinances, and Chapter 125, Florida Statutes.
recommendation
RECOMMENDATION
It is recommended that the Board approve the release of the Performance Bond for Waterford Phase 3A Subdivision and accept the Maintenance Bond from Goodwin Bros. Construction, Inc., in the amount of $899,356.14 for a period of 18 months as required by County Ordinance.