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S EP 1986 BOOK 65 Fac, 747 <br />J. Release Letter of Credit & Accept Warranty Maintenance <br />Agreement-- i✓ i t rus—RTage— 3;Z <br />The Board reviewed memo of Staff Planner Boling: <br />TO: The Honorable Members of DATE: September 5, 1986 FILE: <br />the Board of County Commissioners <br />DIVISION HEAD CONCURRENCE: <br />CITRUS RIDGE SUBDIVISION <br />Robert M. Keating, ICP SUBJECT: MAINTENANCE AGREEMENT <br />Planning & Development Director SECURITY <br />THROUGH: Michael K. Miller <br />Chief, Current Development <br />FROM: Stan Boling ,/?.61 REFERENCES: Citrus Ridge <br />Staff Planner STAN2 <br />It is requested that the data herein presented be given formal <br />consideration by the Board of County Commissioners at their <br />regular meeting of September 16, 1986. <br />DESCRIPTION AND CONDITIONS: <br />On January 15, 1986 the Board granted final plat approval to the <br />Citrus Ridge subdivision, a 20 lot subdivision located on the <br />north side of 2nd Street, west of Old Dixie Highway. At that <br />time, the owner/ applicant, Charles Sullivan, Sr., contracted with <br />the County to finish construction of some remaining subdivision <br />improvements. An irrevocable letter of credit in the amount of <br />$90,000.00 was posted to secure the construction contract. The <br />applicant is now requesting that the Board release the $90,000.00 <br />letter of credit and accept an executed warranty maintenance <br />agreement and corresponding letter of credit in the amount of <br />$13,075.00. <br />ANALYSIS: <br />The Public Works department has inspected the subdivision and has <br />verified that all required improvements have been constructed and <br />are acceptable. Public Works has indicated that the construction <br />contract letter of credit may now be released. The project <br />engineer has certified that 25% of the actual cost of improvements <br />is $13,075.00. The applicant has now submitted an executed <br />warranty maintenance agreement and letter of credit for <br />$13,075.00. The Board may now substitute the construction <br />contract and security for the warranty maintenance agreement and <br />security. The applicant's submittals satisfy all applicable <br />County requirements. <br />RECOMMENDATION: <br />That the Board of County Commissioners release the $90,000.00 <br />letter of credit No. 85165 from the First Bankers of Indian River <br />County and accept the submitted warranty maintenance agreement and <br />irrevocable letter of credit in the amount of $13,075.00. <br />ON MOTION by Commissioner Bird, SECONDED by Commis- <br />sioner Bowman, the Board unanimously (4-0) agreed to <br />release the $90,000 Letter of Credit No. 85165 from <br />14 <br />