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/F. Extension of Contract for Required Improvements - Seagrove <br />West Subdivision <br />The Board reviewed memo of Staff Planner Boling: <br />TO: The Honorable Members DATE: February 11, 1985 FILE: <br />of the Board of County <br />Commissioners <br />DIVISION HEAD CONCURRENCE: REQUEST FOR AN EXTENSION <br />OF CONTRACT FOR REQUIRED <br />SUBJECT: IMPROVEMENTS FOR SEAGROVE <br />Robert M. Keati g, APcp WEST SUBDIVISION <br />Planning & Development Director <br />THROUGH: Mary Jane V. Goetzfried <br />rY► Chief, Current Development Section <br />FROM: E. Stan Boling ,�� REFERENCES: Seagrove <br />Staff Planner �`� DIS:STAN <br />It is requested that the following information be given formal <br />consideration by the Board of County Commissioners at their <br />regular meeting on February 20, 1985. <br />DESCRIPTION AND CONDITIONS: <br />This is a request by the owner, Harbor Federal Savings & Loan <br />Association, to extend for 9 months the contract to construct <br />the required improvements for the Seagrove West subdivision. <br />Seagrove West is a 67 lot subdivision located on the South <br />Beach, west of S.R. A -1-A. The site is zoned R-lA, Single <br />Family Residential, (4.3 dwelling units/acre) and has a LD -1, <br />Low -Density Residential, (3 dwelling units/acre) land use <br />designation. The project's actual building density is 1.3 <br />dwelling units/acre. <br />The Board of County Commissioners granted final plat approval <br />for the subdivision on February 22, 1984 and signed a contract <br />with the developer/ owner, Corporate Investment Company, which <br />committed C.I.C. to completing construction of all required <br />improvements by March 1, 1985. This contract was secured by a <br />cash deposit and escrow agreement between C.I.C, the County, <br />and Harbor Federal Savings & Loan Association in the amount of <br />$503,191.24. Harbor Federal also held the mortgage on the <br />subject property. The plat was officially recorded on February <br />29, 1984 in Plat Book 11 , Pages 66 and 66A, Indian River County <br />public records. <br />C.I.0 defaulted on the mortgage held on the subject property, <br />and in September 1984, title to the property was transferred to <br />Harbor Federal. Harbor Federal has set out to develop the <br />property according to the contract for the construction of <br />required improvements. <br />ALTERNATIVES AND ANALYSIS: <br />The present owner has effectively had only 4 months to complete <br />construction of a ± 51 acre subdivision. It is staff's opinion <br />that the present owner has not had sufficient time to complete <br />the required construction of the project. <br />7 <br />BOOK Fe'n 1 <br />