TITLE
title
Release of Performance Bond for SIG Spring Hill Commercial, LLC, and Acceptance of Maintenance Bond for The Space Shop
body
BRIEF OVERVIEW
Developer SIG Spring Hill Commercial, LLC is requesting to release the $2,773,674.00 Performance Bond for The Space Shop and enter into the Maintenance Period for The Space Shop project. SIG Spring Hill Commercial, LLC has met the conditions of the performance bond. They have posted a Maintenance Bond in the amount of $554,735.00 for The Space Shop 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.
recommendation
RECOMMENDATION
It is recommended that the Board approve the release of the Performance Bond for The Space Shop and accept the Maintenance Bond from SIG Spring Hill Commercial, LLC in the amount of $554,735.00 for The Space Shop for a period of 18 months as required by County Ordinance.