HomeMy WebLinkAboutItem 06 Approval of Inspiration Town Center and Luxury Townhomes Subdivision Plat Ocoee
florida
AGENDA ITEM COVER SHEET
Meeting Date: August 6, 2019
Item #
Reviewed By: 112,9
Contact Name: Milen D. Womack, E.I. Department Director: -
Contact Number: (407) 554-7313, ext. 6013 City Manager:
ubject: Approval of Inspiration Town Center and Luxury Townhomes Subdivision Plat
Commission District#3 — Richard Firstner
BACKGROUND SUMMARY:
The Inspiration Town Center and Luxury Townhomes Subdivision is located west of Maguire Road, south of the
Florida Turnpike and just north of the Heller Bros Groves property. The subject site is currently made up of two
parcels identified as parcel ID number 30-22-28-0000-00-017 and 30-22-28-0000-00-004, respectively. The area
of both parcels combined is approximately 16.93 acres in size.
This plat is required in order to create twenty-six townhome lots, 8 future lots for townhome buildings, four lots for
commercial buildings, associated right-of-ways for private streets and parking, and tracts for open space,
stormwater retention, and recreation. The plat also includes easements for emergency services, drainage, and
public utilities.
The Inspiration Town Center and Luxury Townhomes 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 Inspiration Town Center and Luxury Homes. The
Developer, Yellow Rock Construction Inc has provided the City with a Letter of Credit (Irrevocable Stand-By Letter
of Credit Number BBA-19-2587) in the amount of$2,574,663.00.
ISSUE:
Should the City approve and sign the Inspiration Town Center and Luxury Townhomes Subdivision Plat?
RECOMMENDATIONS:
The Development Services Department recommends the City Commission approve the Plat for the Inspiration
Town Center and Luxury Townhomes Subdivision and authorize the Mayor and City Clerk to sign the plat.
ATTACHMENTS:
1. Inspiration Town Center and Luxury Townhomes Subdivision Plat
2. Copy Irrevocable Stand-By Letter of Credit
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 Dept Use:
Ordinance First Reading 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
IRREVOCABLE STAND-BY LETTER OF CREDIT
NUMBER BBA-19-2587
SUBDIVISION NAME/PHASE:
Applicant Beneficiary
City of Ocoee
Yellow Rock Construction, LLC 150 North Lakeshore Drive
6965 Piazza Grande Ave Ocoee, FL 34761
Suite 406
Orlando, FL. 32835
Issuing Bank ATTENTION:
City Engineer
Banco do Brasil Americas 150 North Lakeshore Drive
5475 International Drive Ocoee, FL 34761
Orlando,FL 32819
AMOUNT- $2,574,663.00
Two Million Five Hundred Seventy Four
Thousand Six Hundred Sixty Three Dollars
and Zero Cents
DATE OF ISSUE
July 18, 2019
DATE OF EXPIRY
July 18,2020
We hereby establish our Irrevocable Standby Letter of Credit#BBA-19-2587, in favor of City of
Ocoee, a Florida municipal corporation, and authorize you to draw on Banco do Brasil Americas
(the "Bank"), at 5475 International Drive, Orlando,FL 32819 by order of Yellow Rock
Construction,LLC up to but not exceeding the aggregate amount of Two Million Five Hundred
Seventy Four Thousand Six Hundred Sixty Three Dollars and Zero Cents
$2,574,663.00 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: ; or
2. A statement purportedly signed by the Mayor, City Manager or authorized representative
to the effect that the performance of Applicant's obligation under the Maintenance, Materials and
ORLA 1688244.1
Workmanship Agreement has not been completed yet and the letter of credit will expire within
30 days from the date of the drawing without being extended or replaced to the City's
satisfaction; or
3. A statement purportedly signed by the Mayor, City Manager or authorized representative
to the effect that Banco do Brasil Americas 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:
This letter of credit shall be deemed in force until July 18, 2020, and will automatically be
extended for a period not to exceed ninety(90)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 BBA-19-2587 of Banco do Brasil
Americas, dated July 18, 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 the drawers, endorsers, and bona fide holders of 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 Banco do Brasil Americas at 5475 International Drive, Orlando,FL 32819.
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 Standby 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. If a conflict between
the"International Standby Practices(ISP98)", and Florida law should 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.
-2-
ORLA_1688244.1
(SEAL)
Brenner Cavalcante
EVP, Chief Lending Officer
-3-
ORLA_1688244.1
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