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7.R. RESOL UTION2003-052 -SEASONS PLANNED DEVELOPMENT- ACCEPTANCE <br />OF SUBSTITUTE LETTER OF CREDIT- MODIFICATION TO CONSTRUCTION <br />CONTRACT —EXTEND IMPROVEMENT COMPLETIONDATE TO FEBRUARY <br />12, 2004 (M -R HOMES, LTD) <br />(CLERK'S NOTE: THIS ITEM WAS DISCUSSED PRIOR TO ITEM 7.A.) <br />County Attorney Collins read the recommendation for an extension of the Contract for <br />Construction and to accept a substitute Letter of Credit for the Seasons Planned Development. At <br />this point, Seasons has not provided a substitute Letter of Credit. He asked the Board to adopt a <br />Resolution authorizing staff to pull the Letter of Credit of February 12, 2002 if the substitute <br />Letter of Credit is not delivered before May 12, 2003. <br />ON MOTION by Commissioner Lowther, SECONDED by <br />Commissioner Neuberger, the Board unanimously approved <br />modifying the construction contract; adopted Resolution 2003-052 <br />declaring default by M -R Homes, LTD, a Florida Limited <br />Partnership in its improvements to Seasons PD. and authorizing staff <br />to make sight draft against Bank of America Irrevocable Standby <br />Letter of Credit No. 3046140 dated February 12, 2002 in the event <br />the substitute LOC is not received prior to May 12, 2003. <br />COPY OF DOCUMENTS ARE ON FILE <br />IN THE OFFICE OF THE CLERK TO THE BOARD <br />May 6, 2003 11 <br />