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Release of Performance Bond and Acceptance of Maintenance Bond for Cabot Citrus Farms Phase 1A
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BRIEF OVERVIEW
Developer Cabot Citrus OPCO, LLC is requesting to release the $5,826,722.00 Performance Bond for Cabot Citrus Farms Phase 1A and enter into the Maintenance Period for the Cabot Citrus Farms Phase 1A project. Cabot Citrus OPCO, LLC has met the conditions of the performance bond, and they have posted a Maintenance Bond in the amount of $1,165,344.40 for Cabot Citrus Farms Phase 1A 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, Article II, Section 26-21 of the Hernando County 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 Cabot Citrus Farms Phase 1A and accept the Maintenance Bond from Cabot Citrus OPCO, LLC in the amount of $1,165,344.40 for Cabot Citrus Farms Phase 1A for a period of 18 months as required by County Ordinance.