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Release of Performance Bond With Resibuilt Homes, LLC, and Great Midwest Insurance Company for Oak Park Estates
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BRIEF OVERVIEW
The developer Resibuilt Homes, LLC is requesting to release the Performance Bond and enter into the Maintenance period. They have posted a Maintenance Bond in the amount of $707,708.23 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 Oak Park Estates and accept the Maintenance Bond from Resibuilt Homes, LLC in the amount of $707,708.23 for a period of 18 months as required by County Ordinance.