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Release of Performance Bond and Acceptance of Maintenance Bond for Whiting Estates
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BRIEF OVERVIEW
Developer HDP Whiting Estates, LLC is requesting to release the $1,299.767.96 Performance Bond and enter into the Maintenance Period for the Whiting Estates project. They have posted a Maintenance Bond in amount of $209,012.87 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 Whiting Estates and accept the Maintenance Bond from HDP Whiting Estates, LLC in the amount of $209,012.87 for a period of 18 months as required by County Ordinance.