R95-104RESOLUTION NO. R95-/~
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOY-NTON BEACH, FLORIDA, AUTHORIZING
THE RELEASE OR REDUCTION OF SURETY FOR THE
PROJECT KNOWN AS PLATINA DEVELOPMENT; AND
PROVIDING ANEFFECTIVE DATE.
W~EREAS, the Platina Development is a large, multifamily
development located outside the City limits, west of Military
Trail on Boynton Beach Boulevard, and is being constructed in
many stages, with separate surety for each stage; and
WHEREAS, the developer has fully completed Village II and
Phase I of Village III of the project and has provided a bill
of sale and easements for those portions; and
WHEREAS, the City has accepted the water and sewer
systems for these portions in July, 1992 and September 1993,
respectively, which systems have been operating satisfactorily
since that time; and
WHEREAS, the developer has completed the water and sewer
systems in Phase 2 of Village III and provided a bill of sale
and easements for that portion of the project, however
building construction is ongoing for that portion and the
developer is requesting a reduction of surety down to
$18,202.48.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
~-~. The City Commission of the City of Boynton
Beach, Florida hereby authorizes the release of surety as
follows:
1) Release of Letter of Credit No. 037-
LC-376829 in the amount of $28,338.20,
for Village II;
2) Release of Letter of Credit No. M-
500222 in the amount of $129,659.00 for
Phase I of Village III; and
3) Reduction of Letter of Credit No. M-
502742 from $182,024.81 to $18,202.48 for
Phase 2 of Village III.
~ That this Resolution
effective immediately upon passage.
shall become
PASSED AND ADOPTED this ~ day of July, 1995.
ATTEST:
City Clerk
(C~rporate Seal)
Authsig. doc
Platina. Der - 6/27/95
Additional information is located in the City Manager's Office if you choose to
review it regarding the individual breakdowns of the surety items.