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5. A separate executed Contract for Construction for Final Lift of Asphalt, with an executed cash deposit and escrow agreement, and $58,126.81 in the form of a check. The Board is now to consider granting final plat approval for Lily's Cay. ANALYSIS: Most, but not all, of the required project improvements have been completed. As provided for under the LDRs applicable to this final plat application, the applicant is proposing to "bond -out" the remaining 2.3% of required project improvements (drainage, landscaping, roadways). In addition, a final lift of asphalt will be provided after all required improvements are completed and a Certificate of Completion is issued as allowed in Section 913.10(1)(F). A separate contract and financial security are provided to guarantee the installation of the final lift of asphalt. Public Works, Utility Services, and Planning have reviewed and approved the submitted Engineer's Certified Cost Estimate for the remaining project improvements and the final lift of asphalt. The County Attorney's Office has reviewed and approved the submitted Contract for Construction of Required Improvements, the Contract for Construction for Final Lift of Asphalt, and the Cash Deposit and Escrow Agreements. The contracts for construction and security arrangements, which represent 125% of the estimated cost to construct the remaining required improvements and the final lift of asphalt, have been executed by the County Administrator and will be effective upon final plat approval. Cash in the amount of $49,113.14 for the remaining required improvements, and $58,126.81 for the final lift of asphalt, has been deposited into escrow with the County. It should be noted that all improvements within Lily's Cay will be private, with the exception of certain utilities facilities. Those utility facilities will be dedicated to and guaranteed to Indian River County as required by the Utility Services Department. RECOMMENDATION: Based on the above analysis, staff recommends that the Board of County Commissioners grant final plat approval for Lily's Cay. ATTACHMENTS: 1. Application 2. Location Map 3. Final Plat Layout 4. Contract for Construction of Required Improvements with Cash Deposit and Escrow Agreement 5. Contract for Construction for Final Lift of Asphalt with Cash Deposit and Escrow Agreement APPROVED AGENDA ITEM: FOR; Indian River Co, ApDizayed Date Admin. //&Z /,� Legal Budget + 171L .-/ 1/4 1 G Dept. 1 f'i /b Risk Mgr. FACommunity Development\CurDev\Final Plats\BCC staff reports\2016FPrpts\Lily'sCaySD-15-05-07.docx 2 121.