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Release of Performance Bond and Acceptance of Maintenance Bond for Glen Lakes Commons, LLC
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BRIEF OVERVIEW
Developer Glen Lakes Commons, LLC is requesting to release a $2,243,230.00 Performance Bond and enter into the Maintenance Period for Glen Lakes Commons. Developer Glen Lakes Commons, LLC has posted a maintenance bond in the amount of $498,853.60 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 Glen Lakes Commons, LLC, and accept the Maintenance Bond from Glen Lakes Commons LLC, in the amount of $498,853.60 for a period of 18 months as required by County Ordinance.