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COPY OF CONTRACT AND ADDENDUM ARE ON FILE IN THE OFFICE OF <br />CLERK TO THE BOARD <br />C. Authorization to Draw upon Letter of Credit for Dan Walton, <br />Inc. (Treasure Coast Nissan) <br />The Board reviewed memo from Current Development Staff Planner <br />Christopher Rison dated May 24, 1991: <br />TO: James E. Chandler <br />County Administrator <br />DIVISION HEAD CONCURRENCE: <br />ti <br />ober K atin , AIC <br />Community Dev,,((e�{lo ent AIT <br />THROUGH: Stan Boling./*CP <br />Planning Director <br />FROM: Christopher D. Rison <br />Staff Planner, Current Development <br />DATE: May 24, 1991 <br />SUBJECT: REQUEST TO AUTHORIZE STAFF TO DRAW UPON A LETTER OF <br />CREDIT FOR DAN WALTON, INC. (TREASURE COAST NISSAN) <br />SP -MA -85-10-105 - <br />It is requested that the data herein presented be given formal <br />consideration by the Board of County Commissioners at its regular <br />meeting of June 4, 1991. <br />DESCRIPTION AND CONDITIONS: <br />On July 24, 1986, the Planning and Zoning Commission granted site <br />plan approval for Dan Walton (Treasure Coast Nissan) to construgt <br />an automobile retail facility located at 956 South U.S. #1. The <br />project was subsequently constructed and has been in operation for <br />several years. A condition of site plan approval required that <br />funds for construction of a 4' wide sidewalk along the project's <br />U.S. #1 frontage be escrowed in a manner suitable to the County. <br />The applicant submitted a Letter of Credit for $2,347.00 to satisfy <br />this condition. The applicant has continued to maintain a <br />satisfactory Letter of Credit over the years. However, the <br />existing letter of credit is due to expire on June 16, 1991, and no <br />renewed letter of credit has yet been submitted. <br />ANALYSIS: <br />Via a letter dated April 30, 1991, the county planning staff <br />notified the applicant that the current Letter of Credit was due to <br />expire on June 16th and must be renewed, or a sidewalk must be <br />constructed. (Please see Attachment #2). As of this time, staff <br />has not received a renewed Letter of Credit or other suitable <br />security,and the sidewalk remains unconstructed. Because neither <br />a renewed Letter of Credit nor an alternate security *method. has <br />been submitted to the County and no sidewalk has been constructed, <br />staff requests that the Board of County Commissioners authorize the <br />staff to draw upon the Letter of Credit, prior to the actual <br />expiration date, to assure that construction of the project's <br />required sidewalk is funded by the applicant. <br />3 <br />JAN��1 BOOK.PA�E�i�� <br />