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Release of Performance Bond and Acceptance of Maintenance Bond for Benton Hills Phase 1; and Acceptance of Performance Bond for Benton Hills Phase 1 - Booster Pump
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BRIEF OVERVIEW
Developer Meritage Homes of Florida, Inc., is requesting to release the $9,761,415.96 Performance Bond for Benton Hills Phase 1 and enter into the Maintenance Period for Benton Hills Phase 1 project. Meritage Homes of Florida, Inc., has met the conditions of the performance bond. They have posted a Maintenance Bond in the amount of $1,949,348.38 for Benton Hills Phase 1 to secure the related subdivision.
They have also posted a Performance Bond in the amount of $803,703.45 for Benton Hills Phase 1 - Booster Pump to secure the related Booster Pump.
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 Benton Hills Phase 1 Subdivision and accept the Maintenance Bond from Meritage Homes of Florida, Inc., in the amount of $1,949,348.38 for Benton Hills Phase 1 and also accept the Performance Bond from Meritage Homes of Florida, Inc., in the amount of $803,703.45 for Benton Hills Phase 1 - Booster Pump for a period of 18 months as required by County Ordinance.