R01-036RESOLUTION NO. R01-~F,v
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, APPROVING
AND ACCEPTING A REPLACEMENT BOND IN THE
AMOUNT OF $407,380.00 FOR THE BOYNTON
MARINA PROJECT; AND PROVIDING AN
EFFECTIVE DATE.
WItEREAS, AERC, a Virginia Corporation, has acquired title to the Marina
Marketplace Project (Boynton Marina Project), formerly held by Edward Garcia; and
WItEREAS, AERC is requesting to replace the existing bond with the City in the
amount of $407,380; and
WltEREAS, the City Commission of the City of Boynton Beach, upon
of staff, does hereby accept a replacement bond in the amount of
$407,380.00 for the Boynton Marina Project, issued by Fireman's Fund Insurance
Company;
NOW, THEREFORE, BE IT RESOLVED BY TItE CITY COMMISSION
OF TItE CITY OF BOYNTON BEACIt, FLORIDA, THAT:
Section 1. The City Commission of the City of Boynton Beach, Florida
hereby approves and accepts a replacement bond in the amount of $407,380, for the
Marina Project, issued by Fireman's Fund Insurance Company, a copy of which
is attached hereto as Exhibit "A".
Section 2. That this Resolution shall become effective immediately upon
~assage.
PASSED AND ADOPTED this ~ day of February, 2001.
Commissidner~~
x~-~Commissioner
ATTEST:
Ci(~ Clerk
(Corporare~.~,b~,..
s :c~~/ement Bond- Marina0215/01
Tne City of
Bo nton Beach
I00 E. Boynton Beach Boulevard
P.O. Box $I0
Boynton Beach, Florida $$425-0510
O~ce of ~he C~ A~
(561) 742-60~0
F~: (561) 742.6054
VIA FACSIMILE ONLY (561) 272-6831
February 15, 2001
Michael S. Weiner, Esq.
Weiner & Aronson, P.A.
102 N. Swinton Avenue
Delray Beach, FL 33444
RE: Contract Surety Performance Bond- Marina Project
Dear Mr. Weiner:
Your draft letter addresses all of the point which I requested. Assuming your
client signs it, it will support the adoption of a Resolution authorizing the substitution of
bond and I will so advise the Commissiol~
Thank you for your efforts and cooperation.
JAC/ral
Very truly yours,
City Attorney
"A~ Equal Opportunity/Affirmative Action/ADA Employer"'
BENT BY: WE[NER & ARONBON; 5B12726831; FEB-14-0t 4i05~U; PAGE ~/2 _
H
FAX
To:
Fax #:
Subject:
Date:
Pages:
Nick Igwe, Esq.
742-6054
Contract Surety Performance Bond Dated January 18,. 2001
Our File No. AERC001
February 14, 2001
2, including this cover sheet
COMMENTS:
i am sharing this with you at the same time I am sharing this with my client.
resen~es all dghts.
My client
From the desk of...
Michael $. Weiner. Esquire
Weiner & Amrraon,
102 N. Swinton Avenue
Delray Beach, FL 33444
(561) 265-2666
Fax: (561) 272-6831
Confidentiality Notice
The informatlon contained in this transmission is a{tomey, client privileged and confidential It is intended only for the
uae of the tndividlJal or entity named above. If the res~r of Ibis message is not the intended recipient, you are hereby
notified that any dissemination, distribution or copy of this communication is strictly prohlblted. If you have received this
communication in error, please notify ua immediately by telephone, collect, and return the original message, to us at the
above'address via U.S: MaU. We wilt reimburse you for postage. Thank you.
SENT BY: WE[NER & ARONSON; 5812726831; FEB-t4-01 4:05PM; PAGE
AERC of Virginia, Inc.
5025 Swetland Court
Cleveland, Ohio 44143-1467
February 14, 2001
City of Boynton Beach
100 East Boynton Beach Blvd.
Boynton Beach. Florida 33425
Re: Contract Surety Performance Bond Dated January 18, 2001
Ladies and Gentlemen:
This letter is to confirm that AERC of Virginia, Inc. agrees that the above-mentioned
Bond does not bond offthe lien as more fully provided in Section 17(N) of the Development
Agreement, as amended by the City's December 13, 2000 memorandum, The Bond
serves only the purpose of being a substitute Performance Bond for the Bond originally
posted by Ocean Breeze. If AERC of Virginia. Inc. wanted to bond off the lien of the City,
the amount would be Seven Hundred Seventy Thousand Three Hundred Twenty-Eight
Dollars ($770,328.00).
Very truly yours,
AERC of Virginia, Inc.
Its:
MICHAEL S. WEINER
CAROLE J. ARONSON
JASON S. MANKOFF
WEINER & ARONSON, P.A.
A~-ORNEYS AT LAW
The Clark House
102 North Swfnton Avenue
Delray Beach, Florida 33444
Telephone: (561) 265~2666
Telecopier: (561) 272-6831
E-mail: delraylaw~bellsouth.net
OF COUNSEL:
ROBERT MARC SCHWARTZ. P.A.
F~odda Bar Board Certified
Real Estate Lawyer
Januaw 24,2001
Via Hand Delivery
Mr. Quintus Greene
Dev. Director
City of Boynton Beach
100 East Boynton Beach Blvd.
Boynton Beach, Flodda 33425
RE:
Oi~r File No.: AERO001
Dear Quintas:
Enclosed is the oriqinal Contract Surety Performance Bond, Bond No.
11133540044. This Bond is being delivered to you in connection with the Boynton Marina
Project. It is my understanding that this Bond will be substituted for a cash escrow in a like
amount being held by the City on behalf of my client, AERC of Virginia. Inc., an Ohio
corporation.
I understand pursuant to the Agreements with the City that it is important that this
Bond be processed timely. We Would appreciate it if you would reviewthe Bond.asquick!y
as possible and make certain that it is to your satisfaction. Please ~;ontact me so that I
might make arrangements for the return of the funds to my client.
I io~ek forward to working with you.
MSW:ab
cc: Martin A. Fishman, Esq. (via e-mail)
OSAERC001\Letter Quintas.Jan24.wpd
FIREMAN'S FI. PIlD INSURANCE COMI~AI~
SURETY ~RPO~ON ~D ~E~l'~ CORPO~TION
~C~ !NS~CE CO~ ?~RI~ A~MOB~ IN~GE ~MP~
G~ PO~R OF A~OR~
~N BY ~SE ~E~S: ~at ~'S ~ ~S~CE 'CO~ a ~fo~a co.radon, NA~ON~
CO~ON. ~ ~Hnois co~o=fion. ~ ~C~ ~S~ CO~ a New Jer~y ~ra~on r~omesficat~ in
ASS~D ~E~Y CO~O~ON. a C~ifomin co~orafion, and A~C~ A~OMOB~E ~S~N~
a ~sso~ c~m~on, (herein coll~fiwty c~l~ "~ ~mp~ics"] d~s each hereby ap~int Lau~ Sfi~ozen.
Gayle Bzook~ or Narc~a K. Cesafsk~ of Lisle,
their lzue and lawful Attomey(s)-in-Fact. with full power of authority hereby conferred in their name, place and steaa, to execute, seal,
acknowledge and deliver any and all bonds, undertakings, recognizances or other written obligations in the ua'care thereof ............
and 1o bind the Companies thereby es fully and to the same extent as if such beads were signed by the President, scaled with the corporate seals of the
Companies and duly almsted by the Companies' Secreta~, hereby'ratifying and confirming all that the said Almmey(s)*in-Fact may do in thc pmmses.
This power of attorney is granted under and by the authority of ~'ficle VII of the By-laws of each of the Companies w~fich provisions are now
~ power of attorney is stgued and sealed under the authority of the following Resolution adopted by the Board of Directors of each of the
Coml~aai~s at a meeting duly called and held, or by written consent on the 19th day of March, 1995, and said Resolution has not been mended
or rel~aled:
'~*.ESOL~D. that the signature of any Vice-l~esident. Assistant Sccretao,, and Resident Assistant Secretary of the Companies,
and the seal of the Companies may be affixed or printed on any power of attorney, on any revee~tfion of any power of attorney,
or on any certificate rulating thereto, by fansim/le~ and any power of attorney, any revocation of any power of attorney, or
certificate beafiug such facsimile signature or facsimile seal shall be valid and binding upon the Companies."
IN WITNESS WHEREOF, the Companies have caused these presenls to be signed by thei~ V~ce-President, and ~eir Corl~rate seals to be hereunto
affixed ~s 2nd day of Oct:oh~r , 7 O (1 f) .
FIREMAN'S FUND INSURANCE COMI)ANY
NATIONAL SURETY CORPORATION
~ AMERICAN INSURANCE COMPANY
ASSOCIATED INDEMNITY CORPORATION
AMERIC/*,~'q AUTOMOB ~ .E INSURANCE COMPANY
On this. 2nd day of October , ..2.0_03~, before me personally came Don~ R. Kolbeck
m me Imown. who, being by me duly sworn, did depose and say: that he is a Vice-President of each company, described in and which executed
the above instalment: that he knows the seals of the said Companies; that the seals affixed to the sa/d instramem are such company seals; tout
they were so ~'fixed by order of the Board of DLrectors of said companies and that he signed his name thereto b.y like order.
IN WITNESS WI'IEREOF, I have hereunto set my hand and affixed my official seal, the day and year herein first above written.
~L"-_ ~..~-~t Comml~Ion # 116,3726
~ ~ Notary Pubic - Colif~io
~ ~ M~n Coun~
ST~ OF C~O~ } SS' 1__ ~ ~m'~~t
CO~ OF M~N
I. ~ uader~i~. Resident Assismt S~re~ of ~ch comply, DO ~BY ~I~Z ~at ~e foregoing and a~ched PO~R OF
A~O~Y retains in ~11 force and h~ not b~n revoked: ~d ~ore ~at ~cle V~ of ~e By-laws of each company, ~d ~e Resoluhon
of ~e Bo~d of Dir~mrs; set fo~ in ~e Power of Auomey, ~e now m force.
Sinewed seel~ at ~e Coun~ of M~n. Da~ ~e /~¢A day of
0
Resident As~ist~ut Sect c~7~'
Bond No._11133540044..
Contract Surety Performance Bond
KNOW ALL MEN BY THESE PRESENTS:
That AERC of Virginia, Inc., an Ohio corporation as Principal, and F' '
~reman s Fund Insurance
Company~ a California corporation, duly authorized and gcensed to do business in the
State of Florida, as Corporate Surety, are held and firmly bound unto the City of Boynton Beach, Florida,
as Obligee, in the?sum of Four Hundred Seven Thousand Three Hundred Eighty and 00/100 Dollars
($407,380) for which sum we bind ourselves and our successors and assigns, jointly and severally by
these presents. ;
The CONDITION of this obligation is such that:
WHEREAS, Obligee and Ocean Breeze Festival Park, Inc. ("Ocean Breeze") entered into a Second
Revised Development Agreement dated June 6, 2000 (the "Development Agreement") in connection with
a parcel of land located in the Obligee's Community Redevelopment Area and Central Business District
(the "Project"); and
WHEREAS. Principal has succeeded to the interest of Ocean Breeze under the Development Agreement
and is now the owner of the Project; and
WHEREAS, Ocean Breeze granted Obligee a lien on the Project in an amount equal to the value of
Incentives granted by the City, as more fully provided in the Development Agreemem and the
Development Agreement permits Principal to bond off that lien by substituting a performance bond in
form and substance acceptable to the City Attorney; and
WHEREAS, this bond is issued and delivered to Obligee for the express purpose of replacing the bond
originally posted by Ocean Breeze and bonding offthat lien as more fully provided in Section I7(N). of
the Development Agreement, as amended by the City's December 13, 2000 Memorandum reducing the
amount of the lien to the sum of Four Hundred Seven Thousand Three Hundred Eighty and 00/100
Dollars ($407,380);
NOW TH]EREFORE, if Principal shall perform all obligations secured by such performance bond under
the Development Agreement, then this obligation shall be null and void. otherwise this obligation shall
remain in full force and effect. '
Signed, sealed and dated this __ 18th day of January ,20 01
(Signa~re)
(Printed name)
Witness:
(Sign, ature)
(Printed n~e)
AERC of Virginia, Inc.
[Name of/P~_~p~
Signa,m. re Printed name
TITLE: ~"', ~:.--'~ ,-"~"~, ~"~.~ ~
_Fireman's Fond Insurance Company.
~'xl~me of Surety) ~ ~
Marcia K. Cesafsky Attorn~_.yfin-F~t ~ignamre
& Printed Name
ADDRESS: 2200 Cabot Dr., Suite 300
CITY: Lisle, IL 60532
TELEPHONE: __847-953 -6449
\\LISNWFS2\VOL I \USERS\CesafslcM\Form AERC. DOC