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i� <br />AUTHORIZATION TO DRAW ON LETTER OF CREDIT - FLORIDA LAND CO. <br />The Board reviewed memo of the County Attorney, as follows: <br />TO: Board of County DATE: April 10, 1985 FELE: <br />Commissioners <br />SUBJECT: <br />Stabilization on Jungle <br />Trail - Meeting 4/17/85 <br />FROM: REFERENCES: <br />Gary M. Brandenburg, <br />County Attorney <br />On June 6, 1984, Indian River County entered into an agreement <br />with Florida � Land Company to realign Jungle Trail and to do <br />certain stabilization work along the shoreline of the Indian <br />River. The agreement required Florida Land Company to <br />immediately use its best efforts to design a shoreline <br />stabilization project which would include, at a minimum, those <br />areas which were to be stabilized under the County's former <br />application for a shoreline stabilization permit (No. <br />310678588) . The Land Company agreed to submit such an <br />application to the County within 90 days of the execution of <br />the agreement and to the Department of Regulation within 30 <br />days thereafter. Upon approval of the permits, The Land <br />Company agreed to commence the stablization project and <br />complete the project within one year. The entire costs of the <br />stabilization project were to be borne by The Land Company, <br />and to guarantee the obligation, The Land Company submitted to <br />the County an Irrevocable Letter of Credit in the amount of <br />$20,000-00 drawn upon the Lamar Savings Association, Austin, <br />Texas. <br />To date, Florida Land Company has not made any progress on the <br />contractural obligation. <br />I would respectfully submit that the <br />Commissioners authorize the attached draft, <br />Irrevocable Letter of Credit, and use such <br />with the project. <br />GMB/lk <br />Board of County <br />drawing down the <br />funds to Droceed <br />indenburg <br />Attorney Brandenburg informed the Board that he has met with <br />Florida Land Company's successors, and they are requesting an <br />extension of the timeframe to complete the project. What it <br />involves is that Florida Land Company, after they had approval of <br />the agreement, came to the Planning and Zoning Department to <br />determine if there were any objections to their proceeding <br />22 <br />APR 17 1905 BOOK L� F��E 6l <br />