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HomeMy WebLinkAboutItem 05 Approval of a Two-Year Warranty Surety and Maintenance, Materials, and Workmanship Agreement with Lennar Homes, LLC for Arden Park Phase 5Contact Name: Contact Number: Ocoee norlao AGENDA ITEM COVER SHEET Meeting Date: August 17, 2021 Item # y Reviewed By: Martrivus Keaton, Project Department Director: Enaineer 407-554-7109 City Manager: Robert el /R Michael Rumer Subject: Approval of a Two -Year Warranty Surety and Maintenance, Materials, and Workmanship Agreement with Lennar Homes, LLC for Arden Park Phase 5 Commission District 4 - George Oliver III Background Summary: Arden Park North Phase 5 is made up of 88 detached single-family homes. The parcel is located on the west side of North Clark Road, Adjacent to Oak Trail Reserve Subdivision. The developer has completed construction of the infrastructure. improvements for the subdivision and has requested a Certificate of Completion. The infrastructure improvements include the potable water, sanitary sewer, reclaimed water, utilities, the roadways, stormwater collection system, perimeter wall/fencing, and associated landscaping. All identified punch list repairs have been completed, and the developer is ready to start the two-year warranty period for the public improvements. As a requirement of the Land Development Code, the developer is required to furnish the City a Surety to cover any possible damages discovered during the next two years. Should the developer not choose to make those repairs, Lennar Homes, LLC, has provided the City with a Letter of Credit in the amount of 10% of the constructed improvements. The attached Maintenance, Materials, and Workmanship Agreement (Form 8 from the Land Development Code) acts as the executable document between the developer and the City. The Surety will be returned to the developer upon completion of the two-year warranty period and the repair of any damages caused over those two years. Issue: Should the City accept the Surety as provided by Lennar Homes, LLC, for the two-year warranty for Arden Park North Phase 5-and execute the Maintenance, Materials, and Workmanship Agreement? Recommendations: The Development Services Department recommends the acceptance of the Surety and the execution of the Maintenance, Materials, and Workmanship Agreement with Lennar Homes, LLC, for the Arden Park North Phase 5. Attachments: 1. Maintenance, Materials, and Workmanship Agreement with Lennar Homes, LLC. 2. Irrevocable Stand -By Letter of Credit Number FGAC-21423 issued by Fidelity Guaranty and Acceptance Corp. Financial Impact: There are no financial impacts to the City in accepting this two-year warranty Surety. Type of Item: (please mark with an `k ) Public Hearing Ordinance First Reading Ordinance Second Reading _ Resolution 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 Reviewed by Finance Dept Reviewed by Rebecca Roberts (8/10/21) For Clerk's Dept Use: Consent Agenda Public Hearing Regular Agenda N/A N/A N/A . MAINTENANCE, MATERIALS, AND WORKMANSHIP AGREEMENT WITH LETTER OF CREDIT (SUBDIVISION NAME / PHASE: ARDEN PARK NORTH PHASE 5 THIS MAINTENANCE, MATERIALS, AND WORKMANSHIP AGREEMENT (this "Agreement") is entered into this day of , 20__, by STANDARD PACIFIC OF FLORIDA GP. INC. a Delaware Corporation (the "Developer") and the CITY OF OCOEE, a Florida municipal corporation, whose address is 150 North Lakeshore Drive, Ocoee, Florida 34761 (the "City"). WITNESSETH: WHEREAS, Developer, or its predecessor -in -interest or its predecessor -in title, has developed and/or constructed a subdivision known as ARDEN PARK NORTH PHASE 5 (the "Subdivision") and in connection therewith has installed with the approval of the City certain roads, streets, sewer, water and reuse systems, drainage facilities (including retention and detention ponds), and/or other improvements (collectively, the "Improvements") under the provisions, conditions, and requirements of the City's Subdivision Regulations and the following Final Subdivision Plan (or Preliminary/Final Subdivision Plan) approval by granted the Ocoee City Commission on octohPr 11 , 20_1_g [Insert Description of FSP or PIFSP, as applicable] ARDEN PARK NORTH PHASE 5 PRELIMINARY/FINAL SUBDIVISION PLANS ; and WHEREAS, the Subdivision is located within certain real property located in the City of Ocoee, Orange County, Florida, as more fully described in the attached Exhibit "A" which exhibit is incorporated herein by this reference (the "Property"); and WHEREAS, under Section 4-4, Subdivision Review Process, of the City's Land Development Code, Developer is required to guaranty the maintenance, materials, and workmanship of the Improvements within the Subdivision; and WHEREAS, in order to obtain the issuance of a Certificate of Completion with respect to the Improvements, the Developer desires to guaranty such maintenance, materials, and workmanship by having Fidelity Guaranty and Acceptance Corp (the "Bank") (or such other bank as may be acceptable to the City) establish an Irrevocable Standby Letter of Credit in favor of the City in substantially the form attached hereto as Exhibit "B" and by this reference made a part hereof ("Letter of Credit"). NOW THEREFORE, the parties agree as follows: SECTION ONE: Establishment of Letter of Credit. Developer does hereby agree to have Bank establish the Letter of Credit in favor of the City in the amount of Nineteen thousand four hundred fifty eight dollars and twenty nine cents. ($19,458.29) to guaranty the maintenance, materials, workmanship, and structural integrity of the Improvements and the other obligations of the Developer under this Agreement. The ORLA_1688244.1 Letter of Credit shall be established and drawn upon only in accordance with the terms of the Letter of Credit and this Agreement. SECTION TWO: 2-Year Warranty Period. For a period of two (2) years from the date of issuance of the Certificate of Completion (the "Warranty Period"), the Developer shall maintain the Improvements in a first class condition and shall repair, correct and/or cure any Deficiency (as defined in Section 3 below) within thirty (30) days of receipt of written notice of a Deficiency from the City. The Developer shall pay any and all costs or expenses incidental to the performance of any such work. The City may provide notices of a Deficiency from time to time during the Warranty Period. SECTION THREE: City's Right to Draw on Letter of Credit. If at any time during the Warranty Period, the City notifies Developer in writing (i) that the Improvements have not been maintained in a first class condition, (ii) that paving or other structures within the Subdivision have been found by the City to not be in compliance with the Subdivision approval, and/or (iii) that there is a deficiency or fault in the materials, workmanship, or structural integrity of the Improvements which has been found by the City to not be in compliance with the Subdivision approval (collectively, a "Deficiency") and Developer fails to repair, correct and/or cure such Deficiency to the satisfaction of the City within thirty (30) days from receipt of the notice thereof as set forth in Section 2 above, then the City may draw upon the Letter of Credit without further notice to Developer in order to establish a cash escrow for the performance of the Developer's obligations under this Agreement (the "Cash Escrow"). Additionally, the City may draw on the Letter of Credit in order to establish a Cash Escrow in such amounts as the City deems necessary or appropriate (a) in the event of a default by Developer under this Agreement, and/or (b) as provided for in the Letter of Credit. SECTION FOUR: Term of Letter of Credit. The Letter of Credit shall be for a term of no less than two (2) years and one (1) month from the date of issuance of the Certificate of Completion. Notwithstanding anything contained in Section 3 above, in the event the City has notified Developer of a Deficiency as provided above, then the term of this Agreement shall continue and the term of the Letter of Credit shall be extended until such Deficiency is corrected. If the City has provided a notice of Deficiency which has not been repaired, corrected and/or cured within thirty (30) days from the date the Letter of Credit (or any extension or replacement thereof) is scheduled to expire, then the City may draw on the Letter of Credit and establish a Cash Escrow for the performance of the Developer's obligations under this Agreement. SECTION FIVE: Citv's Use of Funds Drawn on Letter of Credit. Unless otherwise mutually agreed to by City and Developer, the funds available through the Letter of Credit and any Cash Escrow established under this Agreement shall be used by the City only (a) to repair, correct and/or cure any Deficiency, (b) to cure a breach by Developer of its obligations under this Agreement, and/or (c) to pay for reasonable administrative expenses -2- ORLA_1688244.1 and attorneys' fees and costs incurred by the City in exercising or otherwise enforcing its rights under this Agreement and Letter of Credit. If the Developer fails or refuses to undertake the repair, correction and/or cure of any Deficiency, then the City may, but shall not be obligated to, undertake such repair, correction and/or cure any Deficiency, the cost of which shall be paid for out of the Letter of Credit and any Cash Escrow established pursuant to this Agreement. In the event the City undertakes any such repair, correction and/or cure, then the City shall be entitled to retain an administrative fee in the amount of two percent (2%) of the cost thereof and shall also be entitled to reimbursement of all costs and expenses incurred by the City in undertaking such action, including but not limited to its legal fees and costs. The City may use third party contractors to perform any such corrective actions. SECTION SIX: Right of Entry for Corrective Activities. In the event the City undertakes to repair, correct and/or cure any Deficiency, then in such event the Developer hereby grants to the City and its employees, contractors and representatives, the right to enter upon the Property and the Improvements for the purpose of performing any such repair, correction, and/or cure. SECTION SEVEN: No Obligation of City to Undertake Repairs or Advance Funds. Nothing contained herein shall be construed to in any way obligate the City to (i) advance City funds for any purpose on behalf of the Developer, or (ii) to undertake the repair, correction and/or cure of any Deficiency. Further, the City shall have no liability to the Developer or any third parties with respect to any corrective actions undertaken by the City. SECTION EIGHT: Excess Funds. In the event that the City draws on the Letter of Credit and establishes the Cash Escrow, then any excess funds shall be returned to the Developer after any and all of the Deficiencies have been repaired, corrected and cured to the satisfaction of the City and after the payment from the Cash Escrow of all obligations of the Developer under this Agreement. SECTION NINE: Continued Applicability of Subdivision Regulations. This Agreement shall not be construed to relieve or release Developer from any of its obligations under the City Subdivision Regulations with respect to the Improvements. SECTION TEN: Construction. This Agreement shall be construed in accordance with the laws of the State of Florida. -3- ORLA_1688244.1 IN WITNESS WHEREOF, the parties hereto have caused these presents to be signed as of the date and year first above written. ATTEST: Melanie Sibbitt, City Clerk (SEAL) FOR THE USE AND RELIANCE BY THE CITY OF OCOEE ONLY. APPROVED AS TO FORM AND LEGALITY this day of ,20 SHUFFIELD, LOWMAN & WILSON, P.A. City Attorney DEVELOPER: By: Prin ame. n La Rosa Title: Authorized Agent CITY: CITY OF OCOEE, FLORIDA, a Florida municipal corporation 10 -4- ORLA_1688244.1 Rusty Johnson, Mayor APPROVED BY THE OCOEE CITY COMMISSION AT A MEETING HELD ON , 20_ UNDER AGENDA ITEM NO. EXHIBIT "A" (Legal .Description of Real Property Constituting the Subdivision) -5- ORLA_1688244.1 EXHIBIT "B" FORM OF LETTER OF CREDIT (See Following Page) -6- ORLA_1688244.1 EXHIBIT "A" LEGAL DESCRIPTION PARCEL 1 A parcel of land comprising a portion of Tract FD-1, ARDEN PARK NORTH PHASE 4 as recorded in Plat Book 100, Pages 136 through 145 of the Public Records of Orange County, Florida and lying in Section 33, Township 21 South, Range 28 East, City of Ocoee, Orange County, Florida. Being more particularly described as follows: BEGIN at the Southeast corner of aforesaid Tract FD-1, ARDEN PARK NORTH PHASE 4; thence run the following courses along the Southerly line of said Tract FD-1: South 89' 48' 52" West for a distance of 153.69 feet; thence run South 00' 11' 08" East for a distance of 174.26 feet; thence run South 02' 19' 38" West for a distance of 343.63 feet; thence run South 860 39' 30" West for a distance of 120.15 feet to a point on a non tangent curve, concave Easterly having a radius of 525.00 feet, with a chord bearing of North 00' 41' 59" West, and a chord distance of 48.40 feet; thence run Northerly along the arc of said curve through a central angle of 05' 17' 03" for a distance of 48.42 feet to a point on a non tangent line; thence run North 000 00' 00" East for a distance of 75.88 feet; thence run North 900 00' 00" West for a distance of 50.00 feet; thence run South 000 00' 00" East for a distance of 25.91 feet; thence run North 90' 00' 00" West for a distance of 173.08 feet; thence run North 81 ° 50' 57" West for a distance of 179.41 feet; thence run South 140 25' 55" West for a distance of 120.88 feet; thence run North 76' 28' 57" West for a distance of 97.83 feet to a point on a non tangent curve, concave Northeasterly having a radius of 25.00 feet, with a chord bearing of North 320 37' 35" West, and a chord distance of 34.74 feet; thence run Northwesterly along the arc of said curve through a central angle of 880 01' 27" for a distance of 38.41 feet to a point of reverse curvature of a curve concave Westerly having a radius of 1425.15 feet, with a chord bearing of North 090 48' 35" East, and a chord distance of 78.39 feet; thence run Northerly along the arc of said curve through a central angle of 03' 09' 07" for a distance of 78.40 feet to a point on a non tangent line; thence run North 80' 45' 40" West for a distance of 52.01 feet; thence run North 900 00' 00" West for a distance of 93.68 feet to the Southwest corner of aforesaid Tract FD-1; thence departing aforesaid Southerly line of Tract FD-1 run the following courses along the Westerly line of said Tract FD-1: North 290 26' 15" East for a distance of 9.55 feet; thence run North 290 57' 34" East for a distance of 49.05 feet; thence run North 150 55' 40" East for a distance of 2.33 feet; thence run North 07' 15' 13" East for a distance of 52.85 feet; thence run North 050 10' 39" East for a distance of 76.21 feet; thence run North 12' 41' 43" West for a distance of 77.11 feet; thence run North 09' 35' 13" West for a distance of 55.25 feet; thence run North 25" 51' 31" West for a distance of 51.17 feet; thence run North 170 42' 16" West for a distance of 59.36 feet; thence run North 310 37' 08" West for a distance of 56.05 feet; thence run North 160 08' 10" West for a distance of 55.13 feet; thence run North 620 18' 53" East for a distance of 10.21 feet; thence run North 76' 00' 20" East for a distance of 124.02 feet to a point on a non tangent curve, concave Southwesterly having a radius of 1374.00 feet, with a chord,bearing of North 25' 51' 40" West, and a chord distance of 522.70 feet; thence run Northwesterly along the arc of said curve through a central angle of 21" 55' 49" for a distance of 525.91 feet to a point of tangency; thence run North 36' 49' 35" West for a distance of 35.80 feet to the point of curvature of a curve concave Southwesterly having a radius of 474.00 feet, with a chord bearing of North 490 47' 38" West, and a chord distance of 212.73 feet; thence run Northwesterly along the arc of said curve through a central angle of 25' 56' 07" for a distance of 214.56 feet to a point on a radial line; thence run North 27' 14' 18" East for a distance of 52.00 feet to a point on a non tangent curve, concave Southwesterly having a radius of 526.00 feet, with a chord bearing of North 620 55' 08" West, and a chord distance of 2.89 feet; thence run Northwesterly along the arc of said curve through a central angle of 000 18' 53" for a distance of 2.89 feet to a point on a radial line; thence departing aforesaid Westerly line of Tract FD-1 run the following courses: North 26' 55' 26" East for a distance of 121.14 feet; thence run North 59' 40' 06" West for a distance of 21.26 feet; thence run North 380 09' 35" East for a distance of 126.64 feet; thence run North 38' 09' 35" East for a distance of 364.19 feet to a point on a non tangent curve concave Northeasterly having a radius of 1540.00 feet, with a chord bearing of North 270 31' 38" West, and a chord distance of 496.61 feet; thence run Northwesterly along the arc of said curve through a central angle of 18' 33' 27" for a distance of 498.79 feet to a point of tangency; thence run North 180 14' 55" West for a distance of 94.07 feet to a point on the North line of the Southwest 1/4 of aforesaid Section 33; thence run South 890 17' 33" East along said North line for a distance of 133.65 feet to a point on the Westerly right-of-way line of North Clarke Road according to aforesaid Plat Book 100, Pages 136 through 145; thence departing said North line run the following courses along said Westerly right-of-way line: South 250 58' 16" East for a distance of 38.39 feet to a point of curvature of a curve concave Westerly and having a radius of 925.00 feet, with a chord bearing of South 180 24' 58" East, and a chord distance of 243.23 feet; thence continuing along said Westerly right-of-way line run Southeasterly along the arc of said curve through a central angle of 150 06' 35" for a distance of 243.94 feet to a point of reverse curvature of a curve concave Northeasterly having a radius of 981.00 feet, with a chord bearing of South 310 03' 01" East, and a chord distance of 677.12 feet; thence run Southeasterly along the arc of said curve through a central angle of 40' 22' 40" for a distance of 691.34 feet to a point of tangency; thence run South 510 14' 21" East for a distance of 374.30 feet to the point of curvature of a curve, concave Southwesterly having a radius of 920.00 feet, with a chord bearing of South 25" 34' 48" East, and a chord distance of 796.75 feet; thence run Southeasterly along the arc of said curve through a central angle of 51 ° 19' 07" for a distance of 824.02 feet to a point on a non tangent line; thence run South 00' 04' 58" West a distance of 86.70 feet to the POINT OF BEGINNING. Contains 33.20 acres more or less. MMI PARCEL 2 A parcel of land comprising Tracts R and FD-2, ARDEN PARK NORTH PHASE 4 as recorded in Plat Book 100, Pages 136 through 14 of the Public Records of Orange County Florida and lying in Section 33, Township 21 South, Range 28 East, City of Ocoee, Orange County Florida. Being more particularly described as follows: BEGIN at the Northeast corner of aforesaid Tract R being the Northeast corner of the Southwest 1/4 of aforesaid Section 33; thence run South 00' 04' 48" West along the East line of said Tracts R and FD-2 and the East line of the Southwest 1/4 of Section 33 for a distance of 1408.86 feet; thence departing said East line of the Southwest 1/4 of Section 33 and continuing along the East line of said Tract FD-2 run North 89' 52' 10" West for a distance of 30.00 feet; thence run South 00' 04' 48" West for a distance of 34.47 feet to the most Southerly corner of said Tract FD-2 being a point on a non tangent curve, concave Southwesterly having a radius of 1000.00 feet, with a chord bearing of North 35' 33' 15" West, and a chord distance of 540.70 feet; thence departing said East line of Tract FD-2 run the following courses along the Westerly line of said Tract FD-2: Northwesterly along the arc of said curve through a central angle of 31 ° 22' 12" for a distance of 547.51 feet to a point of tangency; thence run North 510 14' 21" West for a distance of 374.30 feet to the point of curvature of a curve, concave Northeasterly having a radius of 901.00 feet, with a chord bearing of North 31 ° 03' 01" West, and a chord distance of 621.90 feet; thence run Northwesterly along the arc of said curve through a central angle of 40' 22' 40" for a distance of 634.96 feet to a point of reverse curvature of a curve concave Southwesterly having a radius of 1005.00 feet, with a chord bearing of North 180 21' 53" West, and a chord distance of 262.48 feet; thence run Northwesterly along the arc of said curve through a central angle of 15' 00' 25" for a distance of 263.23 feet to a point on the North line of aforesaid Tracts R and FD-2, being the North line of aforesaid Southwest 1/4 of Section 33 thence run South 890 17' 33" East along said North lines for a distance of 1041.83 feet to the POINT OF BEGINNING. Contains 20.02 acres more or less. Combined, Parcels 1 and 2 contain 53.22 acres more or less. F(-,EU1YGUAPLI,qT'f F*11)ACGEPI,r'(F TYRTCORP FIDELIT'�GUARANTY AND ACCEPTANCE CORGP FID& ITY ANI- ^CCEPTANCc CORP FIDELITY Gi,%!,*�ll"Dj..E,:L.,fA.,,,-c.r.::G,UoA;A-N,,,YE,,TX.N.cDF,AI E,R,I,IT-ALN,-1,,E,,, GEORPliTy Al. tkNCE CORP N-DEUTY GUAH-i,'". -'ANL) P-I :.':,J 17, OLGi-.,NN1 MN: 1A0c7z, -,rAAJ- EcNFUvE­L11- GSAWMjI rr( &D 2C(14-TANICE (,ORP r!IDELrrV GUASAuNT\ AIID Acc bQiAi,id3L3Ac-Z,2kANT- AND ,kc;oEPT.,v,,ct7 CORP ,Fir'ELIFY (11JAPANTY Al, NC,: UCRP �!C-EOIYGUAIVAIF% FIDEL I)Y ',;UA1,­1ANYY ArID k-C(,,f.PTAN(1E conf` tTY CJAF-fffd'UNfi- io r I-T* ,Jr, -_P, ­ORP FIDELITY GUARiNT) AND ACCF P TA NO ORP � IDFL'v GA%V4 Tr D AUGEM11.IC&Cc,'FP 4ICU.5-- AN,) A,;C_ PTANCE CORP (nUAR'._i.!Ti {ANDACCEPTAQCE CO-c-F mi*,;,'.i.i'fY Gi)AP,=IRREVOCNB�L�B'STAN-DBY:L-ETITERIOF-"C- AVC. 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