R24-209 1 RESOLUTION NO. R24-209
2
3 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOYNTON
4 BEACH, FLORIDA, APPROVING THE FULL RELEASE OF SURETY AND
5 AUTHORIZING THE RETURN OF THE PERFORMANCE BOND NO.
6 PB12270900120 TO ISRAM RIVERWALK, LLC FOR THE RIVERWALK
7 PLAZA PROJECT NO.19-2505; AND FOR ALL OTHER PURPOSES.
8
9 WHEREAS, pursuant to City Code of Ordinances Article III. Sec. B. a 110% performance
10 bond for the Land Development Permit was collected for Riverwalk Plaza Project No. 19-2505,
11 based on the cost estimate of the duly licensed professional in the State of Florida for the paving,
12 grading, and drainage improvements. From time to time, during the work progress, the developer
13 may request a reduction in the dollar amount of the surety based on the work completed. Still, in
14 every case, the remaining funds shall be sufficient to cover one hundred ten percent (110%) of
15 the cost of completing the obligation. In the case of surety for required improvements associated
16 with subdivision development, five percent (5%) of the engineer's certified cost of required
17 improvements shall be retained for one (1) year after acceptance of such improvements by the
18 City Commission as a guarantee against defects in workmanship and material; and
19 WHEREAS, the Surety in the form of a Performance Bond, No. 12270900120, in the
20 amount of$1,823,110.39 was posted in June 2019; and
21 WHEREAS, the surety was reduced to $673,500 in January 2021; and
22 WHEREAS, the work was substantially completed in July 2023, and the one (1) year
23 warranty period has expired; and
24 WHEREAS, the City Commission, upon the recommendation of staff, has deemed it in the
25 best interests of the city's citizens and residents to approve the full release of surety and authorize
26 the return of the Performance Bond No. PB12270900120 to Isram Riverwalk, LLC for the Riverwalk
27 Plaza Project No.19-2505.
28
29 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF BOYNTON
30 BEACH, FLORIDA, THAT:
31 SECTION 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
32 being true and correct and are hereby made a specific part of this Resolution upon adoption.
33 SECTION 2. The City Commission of the City of Boynton Beach, Florida, hereby approves
34 a full release of surety and authorizes the return of the Performance Bond No. PB12270900120 to
35 Isram Riverwalk, LLC for the Riverwalk Plaza Project No.19-2505.
36 SECTION 3. This Resolution shall take effect in accordance with law.
37
38 1,2
39 PASSED AND ADOPTED this day of r 2024.
40 CITY OF BOYNTON BEACH, FLORIDA
41 YES —NO
42 Mayor–Ty Penserga
43
44 Vice Mayor–Aimee Kelley
45
46 Commissioner–Angela Cruz
47
48 Commissioner–Woodrow L. Hay
49
50 Commissioner–Thomas Turkin
51
52 VOTE
53 ATT• T:
54
55 1 �_hi
f •
56 Mayle= D -sus, MPA MC T - -Kers ry
z2
57 City Cl-r0,:cYNTON May.
58 ,776\ �F�RgTF•�F ���
59raf SEA C' ,� APPROVED AS TO FORM:
60 (Corporate Seal) �� INCORPORATED.
61 192062 Itt ......... Aaaig 6
63 �� FLORvo= Shawna G. Lamb
64 City Attorney