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AUTHORIZE_ STAFF_ TO_ DRAW _UPON _ RENEWED_ LETTER_ OF CREDIT_ FOR <br />COPELANDS LANDING PHASE I SUBDV. <br />The Board reviewed memo from Staff Planner John McCoy: <br />TO: <br />- FROM: <br />-.DATE: <br />-SUBJECT: <br />James E. Chandler <br />County Administrator <br />DIVISION HEAD CONCURRENCE: <br />Robert M.eat ng, CP <br />Community Deve opmtDirector <br />THROUGH: Stan Bolingi/e1LLJAICP <br />Planning Director' <br />John W. McCoy ��A <br />Staff Planner, Current Development <br />June 12, 1991 <br />REQUEST TO AUTHORIZE STAFF TO DRAW UPON A RECENTLY <br />RENEWED LETTER OF CREDIT FOR COPELANDS LANDING INC. PHASE <br />'I SUBDIVISION <br />--It is requested that the data herein presented be given formal <br />";consideration by the Board of County Commissioners at its regular <br />--j'---meeting of June 18, 1991. _ <br />;y DESCRIPTION AND CONDITIONS: <br />On December 19, 1989, the Board of County Commissioners approved <br />.the final plat for the Copelands Landing Phase I Subdivision, based <br />upon the developer "bonding -out" for required improvements. <br />Pursuant to county requirements, the developer submitted a contract <br />for required improvements (expiration date: July 5, 1990) and a_ <br />letter of credit (expiration date: October 5, 1990) to guarantee <br />the construction of the required improvements. On July 5, 1990, <br />the initial construction deadline passed, and the developer was in <br />breach of his contract. A second (renewed) contract for required <br />improvements was then executed by the developer (new expiration <br />date February 27, 1991), and a reduced ($72,000) letter of credit <br />expiring June 3, 1991 was posted to guarantee construction of the <br />remaining required improvements. Pursuant to county requirements <br />and policy, the Board of County Commissioners approved this new <br />contract and accepted the new letter of credit at its December 4, <br />1990 meeting. <br />At its May 23, 1991 meeting, the Board gave the Copeland's Landing <br />Phase. I developer additional time to complete all required <br />subdivision improvements and final certifications, with the <br />condition that a renewed letter of credit be submitted to <br />.guarantee that the required work and certifications were to be <br />completed to county satisfaction as soon as possible. The renewed <br />Letter of Credit is valid until July.l, 1991. As of the date of <br />this request the applicant is still operating in breach of the <br />existing contract to finish all required improvements. The <br />Attorney's Office has indicated new authorization and a formal <br />resolution are required to draw upon the renewed letter of credit. <br />As of the date of this report the developer has not yet obtained a <br />certificate of completion, which certifies that all required <br />improvements have been completed and are acceptable, and has not <br />yet completed a Bill of Sale acceptable to the Utilities <br />Department. The staff is hereby requestinq that the Board of <br />�> 1 <br />BOOK <br />�� 159 <br />