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Release of Performance Bond and Acceptance of Maintenance Bond for Arbor Meadows Subdivision
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BRIEF OVERVIEW
Developer Rocklyn Homes, Inc., is requesting to release the $5,004,241.00 Performance Bond for Arbor Meadows Subdivision and enter into the Maintenance Period for the Arbor Meadows Subdivision project. Rocklyn Homes, Inc., has met the conditions of the performance bond, and they have posted a Maintenance Bond in the amount of $1,010,708.24 for Arbor Meadows Subdivision 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 Arbor Meadows Subdivision and accept the Maintenance Bond from Rocklyn Homes, Inc., in the amount of $1,010,708.24 for Arbor Meadows Subdivision for a period of 18 months as required by County Ordinance.