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Release of Performance Bond and Acceptance of Maintenance Bond for Caldera Phase 3 and 4
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BRIEF OVERVIEW
Developer Pulte Home Company, LLC is requesting to release the $10,380,623.50 Performance Bond for Caldera Phases 3 and 4 and enter into the Maintenance Period for The Caldera Phases 3 and 4 project. Pulte Home Company, LLC has met the conditions of the performance bond and they have posted a Maintenance Bond in the amount of $2,076,124.70 for Caldera Phases 3 and 4 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 Caldera Phases 3 and 4 and accept the Maintenance Bond from Pulte Home Company, LLC in the amount of $2,076,124.70 for Caldera Phases 3 and 4 for a period of 18 months as required by County Ordinance.