R11-040
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2 RESOLUTION NO. Rll- oLfo
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4 A RESOLUTION OF THE CITY OF BOYNTON BEACH,
5 FLORIDA, APPROVING FULL RELEASE OF SURETY
6 AND AUTHORIZING RETURN OF THE
7 PERFORMANCE BOND TO DEVELOPER FOR THE
8 PROJECT KNOWN AS KNOLLWOOD PUD; AND
9 PROVIDING AN EFFECTIVE DATE.
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11 WHEREAS, on August 11, 2006, D.R. Horton, Inc., the developer of Knollwood
12 PUD posted a performance bond in the amount of $800,454.60 to guarantee satisfactory
13 completion of the water and sewer improvements required to serve the new subdivision; and
14 WHEREAS, the work was substantially completed in 2008 and the surety value was
15 reduced to $40,000 which is still held by the City; and
16 WHEREAS, all work has been completed and the warranty period has expired; and
17 WHEREAS, the City Commission, upon recommendation of staff, deems it
18 appropriate to authorize a full release of the surety to the developer.
19 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
20 THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
21 Section 1. The foregoing "WHEREAS" clauses are true and correct and hereby
22 ratified and confirmed by the City Commission.
23 Section 2. The City Commission of the City of Boynton Beach, Florida, does
24 hereby approve the full release of the performance bond in the amount of $40,000 to the
25 developer, D.R. Horton, Inc., for the project known as Knollwood PUD.
S:\C A\RESO\Reso - Release of Knollwood PLIO Performance bond doc
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1 Section 3. That this Resolution shall become effective immediately upon passage.
2 PASSED AND ADOPTED this S1:h. day of April, 2011.
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4 CITY OF BOYNTON BEACH, FLORIDA
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12 Vfda~M~lene Ross
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16 commisu - Wlll1ronOrlove /' .1
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19 C~i~Si~=::: L~~ ~ CEY
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24 Commissioner - Steven Holzman
25 ATTEST:
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S:\CAIRESO\Reso - Release of Knollwood PLIO Performance bond. doc
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