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Release of Performance Bond for Kensington Woods f/k/a Lucky Lane and Acceptance of Maintenance Bond for Kensington Woods f/k/a Lucky Lane
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BRIEF OVERVIEW
Developer Lucky Lane Holdings, LLC is requesting to release the $4,163,395.00 Performance Bond for Kensington Woods (FKA Lucky Lane) and enter into the Maintenance Period for Kensington Woods (FKA Lucky Lane) project. Lucky Lane Holdings, LLC has met the conditions of the performance bond. They have posted a Maintenance Bond in the amount of $832,679.00 for Kensington Woods (FKA Lucky Lane) 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 Kensington Woods (FKA Lucky Lane) Subdivision and accept the Maintenance Bond from Lucky Lane Holdings, LLC in the amount of $832,679.00 for Kensington Woods (FKA Lucky Lane) for a period of 18 months as required by County Ordinance.