3/24/1987 - Laserfiche WebLink

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MAR 2 4 1987 eooK ON MOTION by Commissioner Eggert, SECONDED by Commissioner Bowman, the Board unanimously approved the offer from Little Harbour Subdivision to dedicate $8,800 to the park development fund in lieu of providing a public access easement to the river, with the understanding that this issue would be revisited. 0. Release of Letter of_Credit _for Sixty _Oaks PRD Project The Board reviewed the following memo dated 3/12/87: TO:The Honorable Members of DATE:March 12, 1987 FILE: the Board of County Commissioners DIVISION HEAD CONCURRENCE: Robert M. Kea ng, cl ICP SUBJECT: RELEASE OF LETTER OF Planning & De elopment Director CREDIT FOR SIXTY OAKS PRD PROJECT FROM: Stan Boling A'6, REFERENCES: sixty oaks Chief, Current Development It is requested that the data herein presented be given formal consideration by the Board of County Commissioners at their regular meeting of March 24, 1987. DESCRIPTION AND CONDITIONS: At their regular meeting of September 9, 1986, the Board of County Commissioners granted final PRD plat approval for the Sixty Oaks project. As part of the approval, the owner/ developer, Planned Development Corporation, executed a contract to construct all required PRD subdivision improvements and posted an irrevocable letter of credit in the amount of $477,000.00 to guarantee the construction contract. - All required project road, drainage, and utilities improvements have been constructed. Robert McKnight, Vice President of Planned Development Corporation, is now requesting release of the posted letter of credit now held by the County. ANALYSIS: The Public Works and Utilities departments have inspected* all required improvements and have verified that the improvements are acceptable. Therefore, the Public Works and Utilities departments have no objections to releasing the letter of credit. All terms of the construction contract have been satisfied. Therefore, the letter of credit may be released. 18