HomeMy WebLinkAboutItem 04 Approval of the Ocoee Landings Plat ocoe
florida
AGENDA ITEM COVER SHEET
Meeting Date: March 19, 2019
Item # 11
Reviewed By: €2,9
Contact Name: Milen D. Womack, E.I. Department Director:
Contact Number: (407) 554-7081, ext. 1506 City Manager:
Subject: Approval of Ocoee Landings Subdivision Plat
Commission District#4—George Oliver III
BACKGROUND SUMMARY:
The Ocoee Landings Subdivision is located on the north side of Silver Star Road, between Lake Johio Road and
Johio Shores Road. The subject site is currently identified as parcel number 16-22-28-4532-00-141 and is
approximately 13.74 acres in size.
This plat is required in order to create fifty (50) lots for the residential subdivision, associated right-of-ways for
public streets, and tracts for open space, stormwater retention, and recreation. The plat also includes an
easement for the Florida Department of Transportation for sidewalks along Silver Star Road and easements on
every lot for drainage and public utilities.
The Ocoee Landings Subdivision is platting prior to receiving a Certificate of Completion; therefore, the
developer is required to provide a Surety covering the outstanding proposed improvements as approved in the
Final Subdivision Plan for Ocoee Landings PUD. The Developer, K. Hovnanian has provided the City with a
Letter of Credit (PNC Bank Irrevocable Stand-By Letter of Credit Number 181.1253-00-000) in the amount of
$822,675.50.
ISSUE:
Should the City approve and sign the Ocoee Landings Subdivision Plat?
RECOMMENDATIONS:
The Development Services Department recommends the City Commission approve the Plat for the Ocoee
Landings Subdivision and authorize the Mayor and City Clerk to sign the plat.
ATTACHMENTS:
1. Ocoee Landings Subdivision Plat
2. Copy of PNC Bank Irrevocable Stand-By Letter of Credit Number 181.1253-00-000
FINANCIAL IMPACT:
There is no financial impact for approval of the plat.
TYPE OF ITEM: (please mark with an "x")
Public Hearing For Clerk's Deot Use:
Ordinance First Reading x Consent Agenda
Ordinance Second Reading Public Hearing
Resolution Regular Agenda
X Commission Approval
Discussion&Direction
Original Document/Contract Attached for Execution by City Clerk
Original Document/Contract Held by Department for Execution
Reviewed by City Attorney N/A
Reviewed by Finance Dept. N/A
Reviewed by 0 N/A
2
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PNC Bank,National Association Client Care:1-900-082-4689
International Trade Product Delivery SWIFT Address:PHCCUS33PN C
500 First Avenue-2nd Floor
Pittsburgh,PA 15219 a?
Mail Stop:P7-PFSC-02-T
IRREVOCABLE STAND-BY LETTER OF CREDIT
NUMBER 18131253-00-000
SUBDIVISION NAME/PHASE: OCOEE LANDINGS
APPLICANT: BENEFICIARY:
K. HOVNANIAN OCOEE LANDINGS LLC CITY OF OCOEE
2301 LUCIEN WAY, SUITE 260 150 NORTH LAKESHORE DRIVE
MAITLAND", FL 32751 OCOEE, FL 34761
ISSUING BANK: ATTENTION:
PNC BANK, NATIONAL ASSOCIATION CITY ENGINEER
500 FIRST AVENUE, SECOND FLOOR 150 NORTH LAKESHORE DRIVE
P7-PFSC-02-T OCOEE, FL 34761
PITTSBURGH, PA 15219
ATTENTION: INTERNATIONAL TRADE PRODUCT DELIVERYr.,.
AMOUNT - USD $822, 675.50
EIGHT HUNDRED TWENTY-TWO THOUSAND,
SIX HUNDRED SEVENTY-FIVE
AND 50/100 US DOLLARS
DATE OF ISSUE
FEBRUARY 5, 2019
DATE OF EXPIRY
FEBRUARY 5, 2020
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT #
18131253-00-000, IN FAVOR OF CITY OF OCOEE, A FLORIDA MUNICIPAL
CORPORATION, AND AUTHORIZE YOU TO DRAW ON PNC BANK, NATIONAL ASSOCIATION
(THE "BANK") , AT 500 FIRST AVENUE, SECOND FLOOR, P7-PFSC-02-T,
PITTSBURGH, PA 15219, ATTN: INTERNATIONAL TRADE PRODUCT DELIVERY, BY
ORDER OF K. HOVNANIAN OCOEE LANDINGS, LLC UP TO BUT NOT EXCEEDING THE
AGGREGATE AMOUNT OF EIGHT HUNDRED TWENTY-TWO THOUSAND, SIX HUNDRED
SEVENTY-FIVE AND 50/100 DOLLARS (USD $822, 675.50) , IN UNITED STATES
FUNDS, WHICH IS AVAILABLE BY YOUR DRAFT AT SIGHT, WHEN ACCOMPANIED BY
THIS LETTER OF CREDIT AND ANY ONE OF THE FOLLOWING DOCUMENTS:
1. A STATEMENT PURPORTEDLY SIGNED BY THE MAYOR, CITY MANAGER OR
AUTHORIZED REPRESENTATIVE TO THE EFFECT THAT THE CITY IS ENTITLED TO
DRAW UPON THE LETTER OF CREDIT PURSUANT TO THE TERMS OF THAT CERTAIN.
MAINTENANCE, MATERIALS AND WORKMANSHIP AGREEMENT BETWEEN THE CITY AND
APPLICANT WITH RESPECT TO THE FOLLOWING SUBDIVISION: OCOEELA.NDINGS; . OR
2. A STATEMENT PURPORTEDLY SIGNED BY THE MAYOR, CITYMPNAGER OR
AUTHORIZED REPRESENTATIVE TO THE EFFECT THAT THE PERFORMANCE OF`
APPLICANT'S OBLIGATION UNDER THE MAINTENANCE, MATERIALS AND WORKMANSHIP
AGREEMENT HAS NOT BEEN COMPLETED YET AND THE LETTEROF CREDIT WILL
EXPIRE WITHIN 30 DAYS FROM THE DATE OF THE DRAWING WITHOUT BEING
EXTENDED OR REPLACED TO THE CITY'S SATISFACTION,: OR
Page 1 of 3 181:3`12::5 -00-000
FORM 163918
PNC Bank,National Association Client Care:1-800-582-4089
International Trade Product Delivery SWIFT Address:PNCCUS33
500 First Avenue-2nd Floor PN C
Pittsburgh,PA 15219
Mail Stops P7-PFSC-02-T
3. A STATEMENT PURPORTEDLY SIGNED BY THE MAYOR, CITY MANAGER OR
AUTHORIZED REPRESENTATIVE TO THE EFFECT THAT PNC BANK, NATIONAL
ASSOCIATION HAS LOST ITS DESIGNATION AS A "QUALIFIED PUBLIC DEPOSITORY"
PURSUANT TO FLORIDA STATUTES, CHAPTER 280, AND AN ACCEPTABLE REPLACEMENT
LETTER OF CREDIT HAS NOT BEEN RECEIVED; OR
4 . A STATEMENT PURPORTEDLY SIGNED BY THE MAYOR, CITY MANAGER, OR
AUTHORIZED REPRESENTATIVE, THAT THE DRAWING IS DUE TO APPLICANT'S
FAILURE TO REPAIR, CORRECT AND/OR CURE A "DEFICIENCY" AS THAT TERM IS
DEFINED THAT CERTAIN MAINTENANCE, MATERIALS AND WORKMANSHIP AGREEMENT
BETWEEN THE CITY AND APPLICANT WITH RESPECT TO THE FOLLOWING
SUBDIVISION: OCOEE LANDINGS.
THIS LETTER OF CREDIT SHALL BE DEEMED IN FORCE UNTIL FEBRUARY 5, 2020,
AND WILL AUTOMATICALLY BE EXTENDED FOR A PERIOD NOT TO EXCEED 90
(NINETY) DAYS WITHOUT AMENDMENT UNLESS WE PROVIDE:`THE CITY MANAGER OF
THE CITY OF OCOEE WITH WRITTEN NOTICE OF OUR INTENT TO TERMINATE THE
CREDIT HEREIN EXTENDED, WHICH NOTICE MUST BE PROVIDED AT LEAST THIRTY
(30) DAYS PRIOR TO THE EXPIRATION DATE OF THE ORIGINAL TERM HEREOF OR
ANY RENEWED TERM.
DRAFTS MUST BEAR THE CLAUSE: "DRAWN UNDER LETTER OF CREDIT
18131253-00-000 OF PNC BANK, NATIONAL ASSOCIATION, DATED FEBRUARY 5,
2019. "
THIS LETTER OF CREDIT SHALL REMAIN IN FULL FORCE AND EFFECT
NOTWITHSTANDING A PARTIAL DRAW OR DRAWS SO LONG AS A SUM REMAINS TO BE
DRAWN OR UNTIL THE LETTER OF CREDIT HAS EXPIRED.
EXCEPT AS OTHERWISE SPECIFICALLY STATED HEREIN, THIS LETTER OF CREDIT
SETS FORTH IN FULL THE TERMS OF OUR UNDERTAKING, AND SUCH UNDERTAKING
SHALL NOT IN ANY WAY BE MODIFIED, AMENDED, OR AMPLIFIED BY REFERENCE TO
ANY DOCUMENT, INSTRUMENT, OR AGREEMENT REFERENCED TO HEREIN OR IN WHICH
THIS LETTER OF CREDIT IS REFERRED TO OR THIS LETTER OF CREDIT RELATES,
AND ANY SUCH REFERENCE SHALL NOT BE DEEMED TO INCORPORATE HEREIN BY
REFERENCE ANY DOCUMENT, INSTRUMENT, OR AGREEMENT.
WE HEREBY AGREE WITH YOU THAT ALL DRAFTS DRAWN UNDER AND IN COMPLIANCE
WITH THE TERMS OF THIS LETTER OF CREDIT, THAT SUCH DRAFTS WILL BE DULY.
HONORED UPON PRESENTATION TO PNC BANK, NATIONAL ASSOCIATION, 201 EAST
PINE STREET, SUITE 200, ORLANDO, FL 32801, ATTN: LEXIE ISAAC/KRISTINA M
SANDERS RES DEV/REAL ESTATE FINANCE.
THIS LETTER OF CREDIT WILL BE CONSIDERED AS CANCELED UPON RECEIPT BY US
OF THE ORIGINAL CREDIT INSTRUMENT OR UPON ANY PRESENT OR FUTURE EXPIRY
DATE HEREUNDER, WHICHEVER SHALL OCCUR FIRST.
THIS LETTER OF CREDIT IS SUBJECT TO THE "INTERNATIONAL STANDS? PRACTICES
(ISP98) ", INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO:, 590 AND AS
TO MATTERS NOT GOVERNED BY ISP98, SHALL BE GOVERNED AND CONSTRUED IN
ACCORDANCE WITH THE PROVISIONS OF FLORIDA LAW. IFA CONFLICT BETWEEN
THE "INTERNATIONAL STANDBY PRACTICES (ISP98) ", AND FLORIDA LAW SHOULD
Page 2 of 3 1$;1312,53-00-000
FORM 163918
PNC Bank,National Association Client Care:1-800-682-4689
International Trade Product Delivery SWIFT Address:PNCCUS33 (1) PN C
500 First Avenue-2nd Floor
Pittsburgh,PA 15219
Mail Stop:P7-PFSC-02-T
ARISE, FLORIDA LAW SHALL PREVAIL. IF A CONFLICT BETWEEN THE LAW OF
ANOTHER STATE OR COUNTRY AND FLORIDA LAW SHOULD ARISE, FLORIDA LAW SHALL
PREVAIL.;
(SEL) �!
"AUTHOR'ZED SIGNATURE-7
LINDA -YONISH
VICE PRESIDENT
Page 3 of 3 1813123-00-000
FORM 163918