R03-010RESOLUTION NO. R 03- O|O
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, AUTHORIZING
A FULL RELEASE OF THE SURETY FOR THE PROJECT
KNOWN AS TUSCANY ON THE INTRACOASTAL, AND
RETURNING THE LETTER OF CREDIT (NO. 562451)
FROM COAMERICA BANK TO THE DEVELOPER; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the developer of this parcel previously submitted a Letter of Credit in
the amount of $338,580 as surety for excavation and fill for this site, which was reduced by
Resolution No. 01-209, holding $16,929 (5%) for a one year warranty period; and
WHEREAS, the Developer has completed this one year warranty period with no
deficiencies noted;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. The City Commission of the City of Boynton Beach, Florida, upon the
recommendation of staff, hereby approves a full release of the surety for the project known as
Tuscany on the Intracoastal and return of the existing letter of credit (No. 562451) from
Coamerica to the Developer.
Section 2. That this Resolution shall become effective immediately upon passage.
PASSED AND ADOPTED this ~ ! day of January, 2003.
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