R01-003 RESOLUTION NO. R01-~'
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, AUTHORIZING
A RELEASE OF ESCROW FUNDS TO DEVELOPER OF
MANATEE BAY PROJECT, OLEN RESIDENTIAL REALTY
CORP., IN THE AMOUNT OF $20,228.75 FOR THE RE-
ESTABLISHMENT OF THE HISTORIC NATURAL AREA
ON THE PROJECT SITE; AND PROVIDING AN
EFFECTIVE DATE.
WHEREA~, Olen Residential Realty Corp. the developer of Manatee Bay
was initially required to pay $148,950.00 towards the recreation impact fee for
the project;
WHEREAS, pursuant to an agreement with the City, Olen Residential
Realty was also required to deposit additional $40,457.50 in escrow as part of
the recreation impact fee for the project;
WHEREAS, under the terms of the agreement, up to one-half of the
escrowed $40,457.50 would be reimbursed to the Olen Residential Realty upon
successful re-landscaping of the historic natural area on the project site, and the
remainder would be kept by the City as balance owed under the recreation
impact fee;
WHEREAS, staff recommends the release of $20,228.75 of the escrow
funds as Olen Residential Realty Corp. has successfully completed re-landscaping
of the natural area on the site as contemplated by the parties;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. The City Commission of the City of Boynton Beach, Florida,
upon the recommendation of staff, hereby approves the release of one-half of
the escrow funds, in the amount of $20,228.75 to Olen Residential Realty Corp.
Section 2. That this Resolution shall become effective immediately
upon passage.
PASSED AND ADOPTED this
day of .lanuary 2, 2001.
v rvlayor
A-I-I'EST:
~nXReeO~LeRer of CrediU ~e~. aCEscro
Vice Havor I~ )
Commissioner
Commissioner
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