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Release of Performance Bond and Acceptance of Maintenance Bond for Benton Hills Phase 1A
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BRIEF OVERVIEW
Developer Meritage Homes of Florida, Inc. is requesting to release the $2,605,407.70 Performance Bond and enter into the Maintenance Period for the Benton Hills Phase 1A project.
Meritage Homes of Florida, Inc. has met the conditions of the Performance Bond, and they have posted a Maintenance Bond in the amount of $520,229.54 to secure the related subdivision.
STRATEGIC PLAN INITIATIVES
The request is consistent with Strategic Theme D, "Quality of Life".
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 Benton Hills Phase 1A Subdivision and accept the Maintenance Bond from Meritage Homes of Florida, Inc. in the amount of $520,229.54 for a period of 18 months as required by County Ordinance.