SUBJECT
title
Accept a one-year warranty and surety in the amount of $490,066.31 in the form of Irrevocable Letter of Credit No. FGAC-24873 for Garden Hills at Providence Phase 2. (No Fiscal Impact)
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DESCRIPTION
This request is to accept a one-year warranty and surety in the amount of $490,066.31 in the form of Irrevocable Letter of Credit No. FGAC-24873, which represents 10% of the cost of the publicly dedicated infrastructure for ownership, operation and maintenance responsibilities of Garden Hills at Providence Phase 2 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 March 4, 2025, and ends on March 4, 2026.
RECOMMENDATION
Request the Board accept a one-year warranty expiring on March 4, 2026 and an Irrevocable Letter of Credit No. FGAC-24873 in the amount of $490,066.31 for Garden Hills at Providence Phase 2.
FISCAL IMPACT
No Fiscal Impact
CONTACT INFORMATION
Rebecca Marvin
Land Development Division
863-534-6490
rebeccamarvin@polk-county.net