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Release of Performance Bond and Acceptance of Maintenance Bond for Waterford Phase 3B Site Development
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BRIEF OVERVIEW
Developer Goodwin Bros. Construction, Inc. is requesting to release the $3,241,321.80 Performance Bond for Waterford Phase 3B and enter into the Maintenance Period for Waterford Phase 3B project. Goodwin Bros. Construction, Inc., has met the conditions of the performance bond. They have posted a Maintenance Bond in the amount of $650,513.76 for Waterford Phase 3B 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 Waterford Phase 3B and accept the Goodwin Bros. Construction, Inc.’s Maintenance Bond in the amount of $650,513.76 for Waterford Phase 3B for a period of 18 months as required by County Ordinance.