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MAR 2 3,e 1983 <br />MODIFICATION OF SEAGROVE SUBDIVISION IRREVOCABLE LETTER OF <br />CREDIT <br />Attorney Brandenburg noted that in December of 1982, <br />the County entered into a contract for the construction of <br />required improvements with the developer of Seagrove <br />Subdivision. At that time the contract indicated the full <br />amount of the estimated construction cost of all the <br />required improvements would have to be guaranteed by an <br />irrevocable letter of credit that would remain in the full <br />amount of the estimated improvements throughout the <br />construction period. The developer is now requesting that <br />the County allow them to draw down the Letter of Credit in <br />an amount equal to the draw request of their contractor on <br />the subdivision. Attorney Brandenburg noted that Ms. Pat <br />Murray is here representing the developerJand she has <br />requested that this matter be considered today because their <br />contractor has to be paid. He continued that their <br />contractor and engineer have certified that 43% -of' the work <br />has been completed and Public Works Director Davis has been <br />requested to check the site, which the Attorney felt he has <br />done although we do not have the results of his inspection <br />as yet. Attorney Brandenburg.recommended the Board approve <br />this modification provided Mr. Davis indicates the amount of <br />work certified has been completed. <br />9 <br />MOTION WAS MADE by Commissioner Scurlock, <br />SECONDED by Commissioner Wodtke, to <br />approve the modification of the Irrevocable <br />Letter of Credit for Seagrove South Subdivi- <br />sion,as requested and authorize the signature <br />of the Chairman, based upon verification <br />by Public Works Director Davis that the <br />amount of work certified has been completed. <br />0 <br />