HomeMy WebLinkAboutItem 12 Approval of a Two-Year Warranty Surety and MMW Agreement with SYM Capital Partners, LLC for Hampton Inn Ocoee
City of Ocoee ▪ 1 N. Bluford Avenue ▪ Ocoee, Florida 34761
Phone: (407) 905-3100 ▪ www.ocoee.org
STAFF REPORT
Meeting Date: August 20, 2024
Item #: 12
Contact Name: Martrivus Keaton Department Director: Michael Rumer
Contact Number: Ext. 1088 City Manager: Robert Frank
Subject: Approval of a Two-Year Warranty Surety and Maintenance, Materials, and
Workmanship Agreement for SYM Capital Partners, LLC for the Hampton Inn Ocoee.
(Development Engineer Keaton)
Background Summary:
The Hampton Inn Ocoee property is in Commission District 3, on the north side of West Colonial Drive,
adjacent to Extra Space Self Storage at Marshall Farms Road and W. Colonial Drive. The developer has
completed construction of the subdivision's infrastructure improvements and requested a Certificate of
Completion. The infrastructure improvements include potable water, sanitary sewer, reclaimed water, utilities,
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 must furnish the City with a Surety to cover
any possible damage discovered during the next two years. Should the developer not choose to make those
repairs, SYM Capital Partners, LLC has provided the City with a Letter of Credit in the amount of 10% of the
constructed improvements cost. 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 Honorable Mayor and City Commissioners accept the Surety provided by SYM Capital Partners,
LLC for the two-year Hampton Inn Ocoee Hotel warranty and execute the Maintenance, Materials, and
Workmanship Agreement?
Recommendations:
The Development Services Department recommends that the Honorable Mayor and City Commissioners
approve the Surety and the execution of the Maintenance, Materials, and Workmanship Agreement with SYM
Capital Partners, LLC for the Hampton Inn Ocoee hotel.
Attachments:
1. 2-year MMW Agreement
2. Letter of Credit for 2-year MMW Agreement
City of Ocoee ▪ 1 N. Bluford Avenue ▪ Ocoee, Florida 34761
Phone: (407) 905-3100 ▪ www.ocoee.org
Financial Impacts:
None
Type of Item: Consent