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Fr_ -7 <br />DEC 1 9 BOOK 82 FAIJE 5 <br />1. A certified cost estimate for construction of all remaining <br />required subdivision improvements; and <br />2. A contract for the construction of the remaining required <br />improvements:. <br />The applicant is also in the process of submitting a revised. <br />locally drawn letter of credit in the amount of $72,000 to <br />guarantee the new construction contract. This new letter of credit <br />would replace the letter of credit now held to guarantee the old <br />contract. This new letter of credit is to be submitted prior to <br />the Board's consideration of this request. <br />ANALYSIS: <br />The applicant's engineer has prepared a certified cost estimate for <br />the remaining Phase I improvements.,- The County Public Works and <br />Utilities departments have verified that the submitted certified <br />cost estimate is adequate to cover the remaining required <br />subdivision improvements. The submitted contract is based on the <br />certified estimate. The County Attorney's office has approved the <br />submitted construction contract as legally acceptable and <br />sufficient to ensure construction of required improvements. All <br />applicable requirements regarding "bonding -out" for construction <br />will be satisfied upon receipt by staff of the referenced letter of <br />credit. It has been the Board's policy to approve contracts such <br />as the one being proposed when all of staff's concerns have been <br />addressed. <br />RECOMMENDATION: <br />Staff recommends that the Board of County Commissioners authorize <br />the chairman to execute the new contract for construction of <br />remaining required improvements, and accept the letter of credit in <br />the amount of $72,000 submitted by the applicant to guarantee the <br />new contract. <br />Commissioner Scurlock questioned the new contract, and <br />Community Development Director Robert Keating explained that the <br />applicant was to have had the letter of credit here by this <br />morning. However, staff is suggesting that the Board approve <br />the new contract with the condition that the applicant submits an <br />acceptable letter of credit before the existing letter of credit <br />expires December 21st. Apparently, the new letter of credit has <br />been issued by a bank in Montreal and is in transit to an Orlando <br />bank, which will then issue a letter of credit. If we do not <br />have it within a week's time, staff will come back to the Board <br />with an agenda item to call the bond. <br />8 <br />