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that the letter of credit, held by the County to guarantee the <br />contract for construction, be reduced to reflect the amount of <br />work which has been completed and to guarantee the remaining work. <br />ANALYSIS: <br />Section 8(d)2 of the subdivision ordinance allows a reduction in <br />the amount of required security upon completion of any distinct <br />and separable phase or portion of the required improvements. The <br />amount of this reduction may not exceed 800 of the cost of the <br />completed work and such reduction must be approved by the Public <br />Works Director. <br />The Public Works Department and County Attorney's office has <br />verified that the original $307,675.68 letter of credit may be <br />reduced to $134,046.68 in accordance with Section 8(d)2. The <br />applicant is requesting to extend the completion date of the <br />contract and to extend for a commensurate amount of time the <br />security guaranteeing the contract. <br />RECOMMENDATION: <br />Staff recommends that the Board of County Commissioners authorize <br />the Chairman of the Board of County Commissioners to sign the <br />amended contract for construction and accept the amended letter of - <br />credit guaranteeing the new contract for construction of required <br />improvements. <br />ON MOTION by Commissioner Bird, SECONDED by Commis- <br />sioner Eggert, the Board unanimously (4-0) approved <br />the amended Contract and Security for Construction <br />of Required Improvements for Garden Grove Phase I. <br />COPY OF AMENDED CONTRACT AND LETTER OF -CREDIT ON FILE IN THE <br />OFFICE OF CLERK TO THE BOARD. <br />P. Breezewood Subdv. Water System I <br />Court naT-Assessment_RoTT <br />rovements (71st Ave. & 71st <br />The Board reviewed memo from the Utility Department: <br />39 <br />AUG 2 3 '1988 8a®K 73 PAff 537 <br />