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Release of Performance Bond and Acceptance of Maintenance Bond for Sherman Oaks Subdivision
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BRIEF OVERVIEW
Developer PPG Sherman Oaks, LLC is requesting to release the $1,786,579.75 Performance Bond for Sherman Oaks and enter the Maintenance Period for the Sherman Oaks project. PPG Sherman Oaks, LLC has met the conditions of the performance bond, and they have posted a Maintenance Bond in the amount of $357,315.95 for Sherman Oaks 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 Sherman Oaks and accept the Maintenance Bond from PPG Sherman Oaks, LLC in the amount of $357,315.95 for Sherman Oaks for a period of 18 months as required by County Ordinance.