R97-156RESOLUTION NO.
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, AUTHORIZING
THE REDUCTION OF SURETY FOR CRYSTAL KEY @
WOOLBRIGHT PLACE TO KENNEDY PROPERTIES, LTD.
CONDITIONED UPON SUBMISSION TO THE CITY OF A
REPLACEMENT LETTER OF CREDIT IN THE AMOUNT OF
$42,922.00; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, staff has verified the status of completion of the
required site improvements on the above property; and
WHEREAS, the City Commission of the City of Boynton Beach,
Florida, upon recommendation of staff, hereby authorizes reduction
of surety from $478,500.00 to Kennedy Properties, Ltd. conditioned
upon receipt of a replacement Letter of Credit in the amount of
$42,922.00. If no replacement Letter of Credit is received by
the City within 30 days then this resolution becomes null and void.
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, hereby authorizes reduction of surety in the amount of
$478,500.00 to Kennedy Properties, Ltd. conditioned upon submission
of a replacement Letter of Credit in the amount of $42,922.00. If
no replacement Letter of Credit is received by the City within 30
days then this resolution becomes null and void.
Section 2. That this Resolution shall become effective
immediately upon passage.
PASSED AND ADOPTED this /~ day of ~-~77 , 1997.
ATTEST:
City Clerk
(Corporate Seal)
Mayo
Vi~ Mayor ~
Conla~i s's i oner ' "
sioner
Surety.Red
CRYSTAL KEY @ WOOLBRIGHT PLACE