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2. <br />3. <br />an irrevocable letter of credit for 115% of the cost of the <br />remaining required subdivision improvements; <br />an approved cost estimate from the project engineer; and <br />4. a contract committing the developer to completing the <br />remaining required improvements. <br />ANALYSIS: <br />Section 10(g) of the subdivision ordinance allows developers to <br />"plat over" townhouse projects to allow the fee simple transfer of <br />property underneath and around the townhouse units. Normal <br />subdivision lot dimension and lot frontage requirements are waived <br />for such projects. The approved townhouse site plan controls the <br />construction of the project, while the subdivision plat delineates <br />common areas and creates lots that can be sold off to unit owners. <br />Because the applicant is requesting final plat approval prior to <br />completion of required improvements, as opposed to "platting" over <br />a completed project, he is bonding -out for plat approval in <br />accordance with applicable platting regulations. <br />The subject subdivision will receive water and wastewater service <br />from Indian River County. A Stormwater Management Permit has been <br />issued by the Public Works Director, and the County Attorney's <br />office has approved the construction contract subject to its being <br />signed by the Chairman of the Board of County Commissioners. The <br />final plat is in conformance with the approved preliminary plat <br />and site plan. Thus, all County requirements concerning final <br />plat approval have been addressed. <br />RECOMMENDATION: <br />Staff recommends that the Board of County Commissioners grant <br />final plat approval to Vista Villas Unit 1 subdivision, authorize <br />the Chairman of the Board of County Commissioners -.to sign a <br />contract with the applicant committing the applicant to completing <br />the remaining required improvements,. and accept the irrevocable <br />letter of credit guaranteeing the contract. <br />ON MOTION by Commissioner Wheeler, SECONDED by <br />Commissioner Bowman, the Board unanimously granted <br />final plat approval to Vista Villas Unit 1 Subdivision; <br />authorized the Chairman to sign a contract with the <br />applicant committing the applicant to completing the <br />remaining required improvements; and accepted the <br />irrevocable letter of credit guaranteeing the contract. <br />COPIES OF CONTRACT AND IRREVOCABLE LETTER OF CREDIT ARE ON FILE <br />IN THE OFFICE OF THE CLERK TO THE BOARD <br />5 <br />V 17 -1987 sooK 70 <br />