R94-141RESOLUTION NO. R94-/~/
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
APPROVING A PARTIAL RELEASE OF SURETY TO
FOUR WAVES AT PRINCETON PLACE, LTD.,
(WINDWARD P.U.D.) IN THE AMOUNT OF
$316,000, RETAINING THE AMOUA~ OF $17,000
BY THE CITY OF BOYNTON BEACH FOR
REQUIRED INFRASTRUCTURE IMPROVEMENTS; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Boynton Beach
has previously accepted a Letter of Credit issued by First
Union National Bank in the amount of $333,000.00, as surety
for the water and sewer systems on the project known as
Princeton Place at Gables End; and
WHEREAS, staff has advised that all necessary water and
sewer systems for this project are now complete and have been
accepted for operation and maintanance, it is their
recommendation that $17,000 be retained by the City to ensure
that development of homes, streets, landscaping and other
appurtenances remaining are completed.
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 approves reduction of the the Letter of
Credit submitted by Four Waves at Princeton Place, Limited,
issued by First Union Natoinal Bank in the amount of
$316,000.00, retaining the amount of $17,000 for completion
of infrastructure improvements.
~ That this Resolution
effective immediately upon passage.
shall become
PASSED AND ADOPTED this /~ day of August, 1994.
CITY OF BOYNTON BEACH, FLORIDA
Mayor
C(
ATTEST:
City Clerk
(Corporate Seal)
~ Cc
sloner
A%thsig.doc
L/Credit. PrincetomFlace
8/11/94