HomeMy WebLinkAboutItem #13 Villas at Woodsmere Surety Ecsrow Agreement
: FOLEY
FOLEY & LARDNER LLP
ATTORNEYS AT LAW
AGENDA ITEM COVER SHEET
Meeting Date: 7/6/2010
Item # 13
Contact Name:
Contact Number:
Dorothy E. Watson,
Assistant City Attorney
407 -244-3236
Reviewed By:
Department Director:
City Manager:
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Subject: Villas at Woodsmere Surety Escrow Agreement
Background Summary:
Request for approval of Performance Surety Escrow Agreement to guarantee the improvements of
Villas of Woodsmere Subdivision.
Issue:
The prior escrow agreement guaranteeing the improvements for the Villas at Woodsmere has
expired. The replacement developer for the project, Summit XV Holdings, LLC, has offered a cash
escrow of $39,100 in place of the former escrow. This agreement will become effective upon the
closing of the sale of lots within the Villas at Woodsmere to the new successor developer, D.R.
Horton.
Recommendations
It is respectfully recommended that the City Commission and Mayor approve the Performance
Surety Escrow Agreement and authorize the Mayor and City Clerk to execute the same.
Attachments:
1. Performance Surety Escrow Agreement (to follow)
Financial Impact:
None.
Type of Item:
o Public Hearing
o Ordinance First Reading
o Ordinance First Reading
o Resolution
o Commission Approval
For Clerk's Deof Use:
o Consent Agenda
o Public Hearing
o Regular Agenda
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o Discussion & Direction
o Original Document/Contract Attached for Execution by City Clerk
o Original Document/Contract Held by Department for Execution
Reviewed by City Attorney
Reviewed by Finance Dept.
Reviewed by ()
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D N/A
D N/A
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