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Item #05 Approval of a Two-Year Warranty Surety and Maintenance, Materials, and Workmanship Agreement with Letter of Credit with Picerne Construction Corporation for The Maine Street Extension ocoee florido AGENDA ITEM COVER SHEET Meeting Date: November 7, 2017 Item # Reviewed By: Contact Name: Milen D. Womack, Department Director: €) Development Engineer Contact Number: 407-554-7081 City Manager: 1/01.21.151-8.°6 Subject: Approval of a Two-Year Warranty Surety and Maintenance, Materials, =n• Workmanship Agreement with Letter of Credit with Picerne Construction Corporation, for The Maine Street Extension (District 3—Commissioner Firstner) Background Summary: The Maine Street Extension is a project identified in the recently adopted Downtown Master Plan. The Maine Street Extension provides for the extension of Maine Street from Bluford Avenue to Maguire Road. The project was identified in the approved list of Downtown projects and was also identified as a road capacity project in the five-year Capital Improvement Plan. The City has completed the design of the Maine Street Extension project. After the Downtown Master Plan was adopted, the City contracted with Brindley Pieters & Associates, Inc. to design and engineer the extension project. In order to benefit from road work currently under construction with the Oasis at Lake Bennet apartment project, the City coordinated with the developer, Picerne Development Corporation, to construct the Maine Street Extension. The Picerne Development Corporation has completed construction of the infrastructure improvements for the Maine Street Extension and has requested a Certificate of Completion for this phase. The infrastructure improvements include the water utilities, irrigation improvements, and the streets and stormwater collection system. All identified punchlist items have been completed and inspected by City Staff, and the developer is ready to start the two-year warranty period for the Maine Street Extension. 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. Picerne Development Corporation has provided the City with a Letter of Credit in the amount of 10% of the constructed improvements ($53,748.10). The attached Maintenance, Materials, and Workmanship Agreement with Letter of Credit (Irrevocable Standby Letter of Credit issued by Valley National Bank) acts as the executable document between the developer and the City in the event that the Surety is monetary. The Surety will be returned to the developer upon completion of the two-year warranty period and the repair of any damages caused over that two year period. Issue: Should the City accept the Surety as provided by Picerne Development Corporation for the two-year warranty for the Maine Street Extension and execute the Maintenance, Materials, and Workmanship Agreement with Letter of Credit with Picerne Development Corporation? Recommendations: The Development Services Department recommends the acceptance of the Surety and the execution of the Maintenance, Materials, and Workmanship Agreement with Letter of Credit with Picerne Development Corporation for the Maine Street Extension. Attachments: 1. Maintenance, Materials, and Workmanship Agreement with Letter of Credit with Picerne Development Corporation. 2. Irrevocable Stand-By Letter of Credit Number OD17002314 from Valley National Bank. Financial Impact: There are no financial impacts to the City in accepting this two-year warranty Surety. Type of Item: (please mark with an "x") Public Hearing For Clerk's Dept Use: Ordinance First Reading X 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 () N/A 2 MAINTENANCE,MATERIALS,AND WORKMANSHIP AGREEMENT WITH LETTER OF CREDIT Maine Street Extension THIS MAINTENANCE,MATERIALS, AND WORKMANSHIP AGREEMENT (this "Agreement") is entered into this day of , 20_, by Picerne Construction 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 road extension known as the Maine Street Extension 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 Construction Plan approval by granted the Ocoee City Commission on February 21St, 2017: City of Ocoee Maine Street Extension Project; and WHEREAS, the road extension 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(in this case, the road extension); 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 Valley National Bank(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 FIFTY-THREE THOUSAND SEVEN HUNDRED FORTY-EIGHT DOLLARS 10/100 ($53,748.10) to guaranty the maintenance, materials, workmanship, and structural integrity of the Improvements and the other obligations of the Developer under this Agreement. The Letter of Credit shall be established and drawn upon only in accordance with the terms of the Letter of Credit and this Agreement. ORLA_1688244.1 of the Improvements and the other obligations of the Developer under this Agreement. The 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: City'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 -2- ORLA_1688244.1 its obligations under this Agreement, and/or (c)to pay for reasonable administrative expenses 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. IN WITNESS WHEREOF,the parties hereto have caused these presents to be signed as of the date and year first above written. -3- ORLA_1688244.1 DEVELOPER: B __.011110 Print Name: �H's<<61^1 Title: sit, v ke Com 5 4alc e.et,e rc ,oSiw �,Q � CITY: ATTEST: CITY OF OCOEE,FLORIDA, a Florida municipal corporation By: Melanie Sibbitt, City Clerk By: Rusty Johnson, Mayor (SEAL) FOR THE USE AND RELIANCE BY THE APPROVED BY THE OCOEE CITY CITY OF OCOEE ONLY. APPROVED COMMISSION AT A MEETING AS TO FORM AND LEGALITY HELD ON , 20_ this day of UNDER AGENDA ITEM NO. , 20 . By: City Attorney -4- ORLA_1688244.1 EXHIBIT"A" (Legal Description of Real Property Constituting the Road Extension) Maine Street Extension Plans and Location Attached 18 Pages -5- ORLA_1688244.1 City Of Ocoee February 21,2017 Attachment A Breakdown of Cost—Maine Street Extension 1) White's Site Development $407,501 Breakdown and Proposal Attached 2) REW Landscape Corporation $16,880 Breakdown and Proposal Attached 3) Picerne Construction Corporation a) Survey $4,500 b) Compaction Testing $4,950 c) Gen Conditions—Supervision&Insurance $22,153 d) Overhead and Profit $68,397 TOTAL COST $524,381 d III tit R z O CN' J z u € Z �• W W ZIlj z gl .'y _ g = lux ° oo" \ W regial ♦ w O �_ m ONcoz O d. d, m W C L u y O W W O N Z iii0 c j u. O 1NN � W Is m oill �` ./ t1 m } elE4“) {.) - 0 0 Q R 77 O Q i1 r V V (a. WNZO Fate u. 0 ti O y y�j O}Jrdm ca Z ..tdMO 0 IX 0 CO C LL .s.. 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E ii 1 5; LI itli B J O i 7 0 zi ' Y , Uo e - m 5 sae.. ; - Yo.$ r ` s ob F PEg \© a 1...50- %_ a T8e gm a � - —J To a h. m2i o 11111 U i 0 U For31- t P. i ii ti -1' 1 4:15 w kali -1..§ a r Ls c"-w� '� •- n _1 za ; 1I a� Y O mil/71111i 2fmgl 5o . L. Qi 11-41 5�¢ oS9 } 0 $� :1'2-;� ;3wal:0 � 6�: o '6231 ��- Os of golN m ® aU' vi'aeno z E. v ui m n iL E I R i Y g �+ Z it, Y �°8 e g 9E 3 y ig» a gao Y Y3 t -!-hs. 1r ill a vC a m vS $L a.. `a a E a , a Y ' FNM- 1;10 �� Mfg E egN 1 ep¢o. �j zNNf QQ . O84 EF.. al, q32■ _ r'c... : io3Z m ' pe ogu 5,448.ED a 3 u s d v ? e < `v ? a$ a o v.o s �• t 3 Lam:aYa. r o w :o r1 .3 w, i`n gs n �2711,1%5 g' o T • EE aI E g m eU Y T ';`•: ri N of =z �. fJ� � `o g .n .n '6 0 0 0 f+ o 42 E$a71.. g l 111 o b YO �E !'YE3: 0 3 8 c Q d �i of in c in v; a Jill a- e 9 n - fir I4 ay8.3 estE .a a3 gal d n i W^ 3 aEz*�»o`� - o E ISoa mY�'¢� <z X ' z., NtaiQ offG e: 8 a iC 9 X q G p 1,..m ma a I EXHIBIT"B" FORM OF LETTER OF CREDIT -6- ORLA_1688244.1 ¼lieg National Bank Original October 3,2017 VALLEY NATIONAL BANK IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER:OD17002314 To:Beneficiary Applicant Name: City of Ocoee Name: Picerne Construction Corporation Address: 150 North Lakeshore Drive Address:247 North Westmonte Drive Ocoee,FL 34761 Altamonte Springs,FL 32714 Attention:City Engineer Amount: U.S. $53,748.10 (United States Dollars Fifty Three Thousand Seven Hundred Forty Eighty and 10/100) Expiration Date: April 3,2020 at our counters at 924 Broadway,4th Floor,New York,NY 10010 We hereby establish our Irrevocable Standby Letter of Credit No. OD17002314, in favor of City of Ocoee,a Florida municipal corporation, and authorize you to draw on Valley National Bank (the "Bank"), at 924 Broadway, 4th Floor, New York, NY 10010 by order of Picerne Construction Corporation up to but not exceeding the aggregate amount of Fifty Three Thousand Seven Hundred Forty Eight and 10/100 Dollars (U.S.$53,748.10),in United States Funds,which is available by your draft at sight,when accompanied by this original letter of credit and any one of the following documents: 1. A statement purportedly signed by the Mayor, City Manager or authorized representative of the City of Ocoee stating: "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:Maine Street Extension."or 2. A statement purportedly signed by the Mayor, City Manager or authorized representative of the City of Ocoee stating: "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 of the City of Ocoee stating: "Valley National Bank 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 of the City of Ocoee stating: "The drawing is due to Applicant's failure to repair, correct and/or cure a deficiency pursuant to the terms of that certain Maintenance, Materials and Workmanship Agreement between the City and Applicant with respect to the following Subdivision: Maine Street Extension." Special Terms&Conditions: The expiration date of this letter of credit shall be deemed in effect until April 3,2020,and will automatically be extended, without amendment, for one(1)year from the present`expiration date hereof, or from any future expiration date unless,at least thirty(30)days prior to any expiration date,we send notice to you in writing to your address set forth herein by registered or certified mail, courier service or hand delivery,that we elect not to consider the expiration date of this letter of credit extended for any such additional period. International Department • Standby Letter of Credit Section • 924 Broadway,4th Floor•New York,NY 10010 Tel:212.253.5065 or 212.253.4901•Fax:212.254.0573 or 212.254.0715 ®2017 Valley National Bank•.Member FDIC.Equal Opportunity Lender.All Rights Reserved.VCS-5446 ¼iieg National Bank All drafts must be marked: "Drawn under Valley National Bank Irrevocable Standby Letter of Credit No. OD 17002314 dated October 3,2017". 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. This letter of credit sets forth in full our undertaking, and such undertaking shall not in any way be modified,amended, amplified or limited by reference to any document, instrument or agreement referred to herein and any such reference shall not be deemed to incorporate herein by reference any document, instrument or agreement,except as set forth herein. We hereby agree with you that any drawings under and in compliance with the terms and conditions of this letter of credit shall be duly honored upon presentation to Valley National Bank, International Department, 924 Broadway,4th Floor,New York,NY 10010. 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. Very truly yours, VALLEY NATIONAL BANK By: �'�/ Aut orized Signature / International Department • Standby Letter of Credit Section •924 Broadway,4th Floor•New York,NY 10010 Tel:212.253.5065 or 212.253.4901•Fax:212.254.0573 or 212.254.0715 ®201.7 Valley National Bank•.Member FDIC.Equal Opportunity Lender.All Rights Reserved.VCS-5446