R04-181
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3 RESOLUTION NO. R04- f8' i
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5 A RESOLUTION OF THE CITY OF BOYNTON BEACH, 1
! FLORIDA, AUTHORIZING THE RELEASE OF THE I
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7 DEVELOPMENT BOND IN THE AMOUNT OF I
8 ! $407,380.00 TO THE RELATED GROUP OF FLORIDA,
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9 I FOR THE PROJECT KNOWN AS BOYNTON MARINA J
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10 VILLAGE PROJECT; AND PROVIDING AN
11 EFFECTIVE DATE.
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13 II WHEREAS, the developer of this project had previously posted a bond in the
14 amount of $407,380.00 to guarantee satisfactory completion of the permitted work for the
15 project known as the Boynton Marina Village Project; and
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16 WHEREAS, the work has been completed according to the terms of the Second
I Amended Meditation Agreement; and I
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18 I WHEREAS, the City Commission, upon recommendation of staff, deems it
19 appropriate to authorize a full release of the development bond in the amount of
20 15407,380.00 to the developer.
21 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
22 OF THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
23 Section 1. The foregoing "WHEREAS" clauses are true and correct and
24 hereby ratified and confirmed by the City Commission.
25 Section 2. The City Commission of the City of Boynton Beach, Florida, does
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26 ~erebY approve the full release of the development bond in the arnonnt of $407,380.00 to
27 the developer, The Related Group of Florida, for the project known as the Boynton
28 Marina Village Project.
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S :\CA ìRESO\Leners of CreditìRelease of Marina Development Bond.doc
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2 ; I Section 3. That this Resolution shall become effective immediately upon
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3 ! ¡passage. ¡
4 I PASSED AND ADOPTED this ~ day of October, 2004. I
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6 CITY OF BOYNTON BEACH, FLORIDA
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22 ATTEST: I
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:\CA \RESO\Letters of Credit\Release of Marina Development Bond.doc