SUBJECT
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Accept a one-year warranty and surety in the amount of $326,284.83 in the form of Irrevocable Letter of Credit No. FGAC-23464 for Garden Hills at Providence Phase 1. (No fiscal impact)
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DESCRIPTION
This request is to accept a one-year warranty and surety in the amount of $326,284.83 in the form of Irrevocable Letter of Credit No. FGAC-23464, which represents 10% of the cost of the publicly dedicated infrastructure for ownership, operation and maintenance responsibilities Garden Hills at Providence Phase 1 per Utilities Code Section 4.03.B.2. This warranty is for a one-year period beginning with the Board’s acceptance. This one-year warranty period begins on January 9, 2024 and ends on January 9, 2025.
RECOMMENDATION
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FISCAL IMPACT
Request Board accept a one-year warranty expiring on January 9, 2025 and a Irrevocable Letter of Credit No. FGAC-23464 in the amount of $326,284.83 for Garden Hills at Providence Phase 1.
CONTACT INFORMATION
Chrissy Irons
Land Development
863-534-6493