TITLE
title
Release of Performance Bonds and Acceptance of Maintenance Bonds for Verano Phase 1 and Verano Phase 2
body
BRIEF OVERVIEW
Developer Lennar Homes, LLC is requesting to release the $3,757,204.97 Performance Bond for Verano Phase 1 and $1,159,835.69 Performance Bond for Verano Phase 2 and enter into the Maintenance Period for Verano Phase 1 and Verano Phase 2 projects. Lennar Homes, LLC has met the conditions of the performance bonds. They have posted a Maintenance Bond in the amount of $557,064.44 for Verano Phase 1 and $222,256.44 for Verano Phase 2 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.
recommendation
RECOMMENDATION
It is recommended that the Board approve the release of the Performance Bond for Verano Phase 1 and Verano Phase 2 Subdivision and accept the Maintenance Bonds from Lennar Homes, LLC in the amount of $557,064.44 for Verano Phase 1 and $222,256.44 for Verano Phase 2 for a period of 18 months as required by County Ordinance.