1/22/1986 (2) - Laserfiche WebLink

Home Browse Search

rJAN 2 2 19$6 Bou n c 450 no further action on the proposed Credit Agreement until all deficiencies have been corrected or otherwise settled. E. Once the County Administrator or his designee determines the proposed Credit Agreement is complete, he shall review it within thirty (30) days and grant the proposed Credit Agreement if the contribution, payment, construction or land dedication: (1) meets an expansion need of the capital road improvements to the County's major road network system which is identified in Exhibit "B" attached hereto and incorporated herein by reference; or (2) provides a capital road improvement to the County's major road network system which provides capacity expansion necessitated by the proposed land development activity. F. Credit shall be given for the contribution, payment, construction or land that is consistent with its market value at the time of contribution, payment or dedication. G. If the Credit Agreement application is approved by the County Administrator or his designee, a Credit Agreement shall be prepared and signed by the applicant and the County. It shall specifically outline the contribution, payment, construction or land dedication, the time by which it shall be completed, dedicated, or paid, and the dollar credit the applicant shall receive for the contribution, payment, construction or land dedication. If the credit is for construction, the Credit Agreement shall include security in the form of a performance bond, irrevocable letter of credit or escrow agreement, and shall be posted with the County Commission and made payable to the Indian River County Board of County Commissioners in _an amount approved by the County Administrator or his designee equal to one hundred and ten (110%) percent of the full -cost of such construction. If the road construction - 21 -