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8.P. ISLES AT WATERWAY VILLAGE PD - PLAT 1C, REQUEST FROM <br />DEVELOPER, DIVOSTA HOMES, L.P., FOR AN EXTENSION TO <br />COMPLETE REQUIRED IMPROVEMENTS <br />Vice Chairman Flescher was concerned about Divosta's inability to complete the <br />improvements and that they had requested a six-month extension. If the Board approves the <br />extension, he wanted a caveat added to have the Letter of Credit pulled at the end of the period, <br />if the job was not completed. <br />Commissioner O'Bryan questioned whether or not we were in litigation with <br />Divosta, and whether it would be favorable for us if the request is approved. <br />Attorney Collins explained that we are in litigation with respect to concurrency <br />and vesting of traffic; we are not in litigation with respect to any aspect of the development or <br />their performance of the development. He said it was really a matter of what entitlements they <br />have under their approvals with respect to vesting traffic and roads; and it has nothing to do with <br />them completing the project. <br />Responding to whether we have a bargaining chip or whether granting the request <br />is favorable for us, Attorney Collins said staff's position is, if we pull the Letter of Credit then <br />we are in the position of going out to bid to complete the work. He understood that Divosta was <br />90% complete on the work, and said it was more of a punch list type thing. <br />Chris Ward, 564 7th Square, of Divosta Homes, confirmed that all improvements <br />were completed: all common area sidewalks have been put in; roads are in, minus the final lifts; <br />all landscape are in; there are some minor lake bank repairs to be completed, including laying <br />sod on the lake banks; and very minor punch list items that they are currently working out with <br />Engineering, and should have completed within the next three (3) months. They do not <br />anticipate any further requests for extensions. <br />January 6, 2009 <br />13 <br />