Item #06 Approval of McCormick Reserve Phase 2 Plat OCOPP
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AGENDA ITEM COVER SHEET
Meeting Date: December 6, 2016
Item # 1p
Reviewed By: ea
Contact Name: Milen Womack Department Director: /
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Contact Number: (407) 554-7081, ext. 1506 City Manager: "1IA1 _
Subject: McCormick Reserve Phase 2 Plat Approval
Commission District#4—Joel Keller
Background Summary:
The McCormick Reserve subdivision is located on the south side of W McCormick Road between the Brynmar
Subdivision and the Kensington Manor Subdivision. The overall subdivision was approved in two phases and
contains approximately 134 single family residential lots on approximately 45.09 acres of land. The McCormick
Reserve subdivision features two residential lot sizes — 50'x120' and 60x120'. Ryan Homes is the homebuilder
for this non-gated subdivision. The Plat for McCormick Reserve Phase 1 was approved for 66 lots on
approximately 30.95 acres of land. The Phase 2 Plat comprises 68 lots on approximately 15 acres of land.
Platting is due to occur prior to the subdivision receiving a Certificate of Completion; therefore, the developer
has provided a Surety (Letter of Credit) for the remaining public improvements. In the case of the McCormick
Reserve subdivision, the only outstanding public improvement is the completion of the subdivision roads for
phase 2. The Applicant, T-3 Ocoee, LLC has executed the City of Ocoee's Developers and Homeowners
Association Agreement for Upgraded Street Lights for the entire subdivision. The subdivision is not gated,
therefore the Traffic Enforcement Agreement is not required.
Issue:
Should the City approve the Phase 2 Plat for the McCormick Reserve subdivision?
Recommendations
The Development Services Department recommends the approval of the plat for phase 2 of the McCormick
Reserve subdivision by the City Commission and to authorize the Mayor and City Clerk to sign the plat.
Attachments:
1) McCormick Reserve Phase 2 Plat
2) Letter of Credit as Surety for Outstanding Public Improvements
3) Copy of Contract between The IBI Group and The Briar Team Total Site Development
Financial Impact:
The financial impact is the undeveloped land will be covered with residential homes and increase the City's
property tax base.
Type of Item: (please mark with an y9
Public Hearing For Clerk's Dept Use:
Ordinance First Reading y Consent Agenda
Ordinance Second Reading Public Hearing
Resolution Regular Agenda
X Commission Approval
Discussion 8 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
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SUNTRUST-
CITY OF OCOEE
CITY ENGINEER
150 N LAKESHORE DRIVE
OCOEE, FL 34761
DATE: NOVEMBER 29, 2016
REFERENCE NUMBER: 70002185
APPLICANT: T-3 OCOEE LTC
BENEFICIARY: CITY OF OCOEE
EXPIRY DATE: NOVEMBER 29, 2017
EXPIRY PLACE: OUR COUNTERS
DEAR SIR OR MADAM:
PLEASE FIND ATTACHED THE ORIGINAL LETTER OF CREDIT IN FAVOR OF
CITY OF OCOEE.
PLEASE DIRECT ALL INQUIRIES TO:SUNTRUST BANK
LETTERS OF CREDIT AND TRADE SERVICES
17TH FL (MAIL CODE 3707)
245 PEACHTREE CENTER AVE.
ATLANTA, GA 30303
PHONE: 800-951-7847 OPTION 3. 1
SINCERELY,
SUNTRUST BANK
JACKSON.F
1617(101051
Otter
SUNTRUST`
STANDBY LETTER OF CREDIT 70002105
DATE: NOVEMBER 29, 2016
APPLICANT: BENEFICIARY:
T-3 OCOEE LLC CITY OF OCOEE
17635 TOBACCO ROAD CITY ENGINEER
LUTZ, FL 33558 150 N LAKESHORE DRIVE
OCOEE, FL 34761
FOR: USD 38, 950.00 (US DOLLARS THIRTY EIGHT THOUSAND NINE HUNDRED FIFTY)
DATE OF EXPIRATION: 11/29/2017
PLACE OF EXPIRATION: OUR COUNTERS
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO.
70002185, IN FAVOR OF CITY OF OCOEE, A.FLORIDA.MUNICIPAL CORPORATION, -AND AUTHORIZE YOU TO DRAW ON SUNTRUST BANK,.200 SOUTH ORANGE AVENUE,
ATTN: STANDBY LETTERS OF CREDIT DEPT. , GA ATL- 3707, ORLANDO, FL 32801 - -
BY ORDER OF T-3 OCOEE LLC UP TO BUT NOT EXCEEDING THE AGGREGATE AMOUNT
OF (THIRTY EIGHT THOUSAND NINE HUNDRED FIFTY AND 00/100 U.S. DOLLARS)
($38, 950. 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 MCCORMICK RESERVE
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 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 SUNTRUST HANK 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
Page 1 of 3 70002185
4617(10/05)
Off
SUT TRUST"
DEFINED THAT CERTAIN MAINTENANCE, MATERIALS AND WORKMANSHIP AGREEMENT
BETWEEN THE CITY AND APPLICANT WITH RESPECT TO THE FOLLOWING
SUBDIVISION: MCCORMICK RESERVE SUBDIVISION.
THIS LETTER OF CREDIT SHALL BE DEEMED IN FORCE UNTIL NOVEMBER 29, 2017,
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 VIA COURIER 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 EXTENDED TERM.
DRAFTS MUST BEAR THE CLAUSE: "DRAWN UNDER LETTER OF CREDIT NO. 70002185,
DATED NOVEMBER 29, 2016. "
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 DOES NOT EXCEED THE LETTER OF CREDIT AMOUNT 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 DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH
THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED UPON
PRESENTATION TO SUNTRUST BANK, 200 SOUTH ORANGE AVENUE, ATTN: STANDBY
LETTERS OF CREDIT DEPT. , GA ATL- 3707, ORLANDO, FL 32801.
THIS LETTER OF CREDIT WILL BE CONSIDERED AS CANCELED UPON RECEIPT BY US
OF THE ORIGINAL INSTRUMENT ALONG WITH A LETTER FROM THE BENEFICIARY
AGREEING TO ITS CANCELLATION OR UPON ANY PRESENT OR FUTURE EXPIRY DATE
HEREIN, 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.
SEAL
Page 2 of 3 70002185
4617(10/06)
SUNTRUST'
PLEASE DIRECT ALL INQUIRIES TO: PHONE 800-951-7897 OPTION 3.
SINCERELY,
SUNTRUST BANK
Sandra Barley
AUTHO ZED SIGNA U•
Page 3 of 3 70002185
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