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Release of Performance Bond and Acceptance of Maintenance Bond for Lake Hideaway Pod C
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BRIEF OVERVIEW
Developer Lake Hideaway Community Development District is requesting to release the $10,251,328.00 Performance Bond for Lake Hideaway Pod C and enter into the Maintenance Period for the Lake Hideaway Pod C project. Lake Hideaway Community Development District has met the conditions of the performance bond, and they have posted a Maintenance Bond in the amount of $2,147,671.00 for Lake Hideaway Pod C 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 Lake Hideaway Pod C and accept the Maintenance Bond from Lake Hideaway Community Development District in the amount of $2,147,671.00 for Lake Hideaway Pod C for a period of 18 months as required by County ordinance.