R02-057RESOLUTION NO. R02- O5"1
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING A REDUCTION OF A CASH SURETY
IN THE AMOUNT OF $143,055.00 TO CORNERSTONE
GROUP DEVELOPMENT CORPORATION FOR THE
VILLA DEL SOL PROJECT, RETAINING THE
BALANCE OF $15,895.00; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, cash surety was posted in the amount of $158,950 for restoration, if
needed, in connection with lake excavation work at the above referenced project, which is
located at the comer of Old Dixie and US #1; and
WHEREAS, all work has been completed and a request for surety reduction has
been received from the Developer, and upon recommendation of staff, the City
Commission deems it appropriate to allow a reduction in the amount of $143,055, leaving
a balance of $15,895.00 or 10% to be retained by the City for the one-year warranty
)eriod;
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, upon
the recommendation of staff, hereby approves the reduction of the cash surety in the
~mount of $143,055.00, to Cornerstone Group Development Corporation for the project
mown as Villa Del Sol, with the sum of $15,895 (or 10%) to be retained by the City for
~he one-year warranty period. Section2. That this Resolution shall become
~ffective immediately upon passage.
ATTEST:
PASSED AND ADOPTED this
Release - BJ's.
o~
day of April, 2002.
Commissioner
Commissioner