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Commissioner Scurlock left the meeting at 10:25 o'clock A.M. <br />REDUCTION OF LETTER OF CREDIT FOR LAKE IN THE WOODS DEVELOPMENT <br />County Attorney Vitunac reviewed memo from Assistant County <br />Attorney Collins: <br />TO: The Board of County Commissioners <br />FROM: William G. Collins 11 - Assistant County Attorney <br />DATE: December 12, 1989 <br />SUBJECT: Reduction in Letter of Credit Posted by Waterford <br />Associates for the Lake in the Woods Development <br />A letter of credit secured the construction of marginal <br />access/frontage roads and sidewalks along Route 60 and 16th <br />Street, by Waterford Associates, the developers of Lake in <br />the Woods. <br />Waterford Associates are no longer managing the project. <br />The project is being directed by the Poughkeepsie Bank of <br />New York, the institution that issued•the letter of credit. <br />Poughkeepsie Bank of New York has requested through their <br />attorneys, McKinnon, Stewart & Nall of Vero Beach, a <br />::.reduction in the amount of the letter of credit. - <br />````A reduction in the letter of credit amount is appropriate <br />isince at the time the letter of credit was originally <br />;;=posted, the County required the construction of <br />;..:frontage/marginal access roads for residential projects. We <br />i, no longer require frontage/marginal access roads in <br />,::residential projects. Thus, the original $49,355.70 bond <br />can be reduced by the amount of $28,635.00 which was <br />escrowed for frontage roads. <br />RECOMMENDATION <br />Authorize the Office of Management and Budget to notify <br />Poughkeepsie Bank of New York that the letter of credit <br />posted on behalf of Waterford Associates for the Lake in the <br />Woods project may be reduced by the amount of $28,635.00, <br />which sum is attributable to frontage road requirements no <br />longer required by County ordinances. <br />ON MOTION by Commissioner Eggert, SECONDED by Com- <br />missioner Bird, Commissioner Scurlock having left <br />the meeting, the Board unanimously (4-0) adopted <br />Resolution 89-158 reducing Letter of Credit for Lake <br />in the Woods Development as recommended by staff. <br />61 <br />5EC is 1989 <br />fkLC' . 78 FA �E. X044 <br />