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Release of Performance Bond for Lake Hideaway Pods A and B and Acceptance of Maintenance Bond for Lake Hideaway Pods A and B
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BRIEF OVERVIEW
Developer Lake Hideaway Community Development District is requesting to release the $9,261,846.75 Performance Bond for Lake Hideaway Pods A & B and enter into the Maintenance Period for Lake Hideaway Pods A & B project. Lake Hideaway Community Development District has met the conditions of the performance bond. They have posted a Maintenance Bond in the amount of $1,953,786.35 with Berkley Insurance Company 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 Lake Hideaway Pods A & B and accept their Maintenance Bond in the amount of $1,953,786.35 for Lake Hideaway Pods A & B for a period of 18 months as required by County Ordinance.