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Release of Performance Bond and Acceptance of Maintenance Bond for Kensington Place
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BRIEF OVERVIEW
Developer Meritage Homes of Florida, Inc. is requesting to release the $2,021,633.54 Performance Bond and enter into the Maintenance Period for the Kensington Place project. They have posted a Maintenance Bond in the amount of $403,112.05 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 Kensington Place Subdivision and accept the Maintenance Bond from Meritage Homes of Florida, Inc. in the amount of $403,112.05 for a period of 18 months as required by County Ordinance.