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3. A Contract for Construction of remaining required Phase 1 improvements, with a letter of <br />credit in the amount of $514,217.13. <br />The Board is now to consider granting final plat approval for The Reserve at Vero Beach PD <br />Phase 1. <br />ANALYSIS: <br />Many,butl not all, of the required subdivision improvements have been completed. As provided <br />for under the LDRs applicable to this final plat application, the applicant is proposing to "bond - <br />out" for the remaining required improvements (utility, paving, drainage, and landscape). Public <br />Works, Utilities, and Planning have reviewed and approved the submitted Engineer's Certified <br />Cost Estimate for the remaining improvements. The County Attorney's Office has reviewed and <br />approved the submitted Contract for Construction of Required Improvements. The proposed <br />security arrangement, which represents 125% of the estimated cost to construct the remaining <br />required Phase 1 improvements, has been reviewed and approved by county staff. It should be <br />noted that all improvements within The Reserve at Vero Beach PD will be private, with the <br />exception of certain utilities facilities. Those utility facilities will be dedicated to and warrantied <br />to Indian River County as required, through the certificate of completion process. In addition, a <br />warranty and maintenance agreement will be required for the paving and stormwater <br />improvements, prior to issuance of a certificate of completion. <br />Legal provisions for utilities, drainage, and access are being handled through a combination of <br />public utility easements and private reciprocal easements. Some of the required improvements <br />(utilities and stormwater) will extend off-site to the south and integrate the commercial and <br />residential development. County staff, including the County Attorney's Office, has reviewed <br />and approved the Phase 1 final plat format and determined that all applicable final plat <br />requirements are satisfied. <br />RECOMMENDATION: <br />Staff recommends that the Board of County Commissioners grant final plat approval for The <br />Reserve at Vero Beach PD Phase 1. <br />ATTACHMENTS: <br />1. Application <br />2. Location Map <br />3. Final Plat Graphic <br />4. Contract for Construction with Copy of LOC <br />APPROVED AGENDA ITEM: <br />FO n 12.2016 <br />BY: k <br />Indian River Co, <br />ArKoved Date <br />Admin. <br />y q l& <br />Legal <br />Budget <br />- r <br />(� <br />Dept. <br />Risk Mgr. <br />FACommunity Development\CurDevTinal Plats\BCC staff reports\2016FPrpu\ReserveatVBPhase IPD(PD-14-06-04).doc 2 118 <br />