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Uylan Ketngold, County .-Attorney <br />William K. DeBraal, Deputy County _Attorney <br />Kate Pingolt Cotner, .-Assistant County .-Attorney <br />CONSENT AGENDA — 9/13/16 <br />Of ce of ?� <br />INDIAN RIVER COUNTY <br />ATTORNEY <br />MEMORANDUM <br />TO: The Board of County Commissioners <br />FROM: Dylan Reingold — County Attorney <br />DATE: August 29, 2016 ��vv <br />SUBJECT: The Reserve at Vero Beach P.D. — Final Lift of Asphalt Guaranty <br />Sections 913.10(1)(D) and (2)(B) of the Indian River County Code require that when security is posted to <br />either guaranty or warranty construction of required improvements relating to subdivisions, that letters <br />of credit are required to run 90 days beyond the date of completion or the warranty expiration as the case <br />may be. This 90 -day period allows staff to work with the developer in the event the developer for some <br />reason cannot fully complete its obligation under the time constraint set forth in the agreement. Towards <br />the end of the 90 -day period, if the developer's obligations still cannot be met, then staff proceeds to call <br />the security prior to its expiration. <br />With regard to The Reserve at Vero Beach P.D., located between S.R. 60 and College Lane and immediately <br />west of Century Town Center, the developer, SR 60 Vero LLC, is required to post security to guaranty that <br />the final lift of asphalt will be laid. The security being used is a letter of credit, and the expiration date of <br />the letter of credit, per code, needs to run to November 4, 2018. The developer contacted the County <br />Attorney's Office and asked if the letter of credit expiration date could end three days earlier (November <br />1, 2018) because the developer's loan maturity date is November 1, 2018; and in order to have the letter <br />of credit run until November 4, 2018 would require an extension to the loan and loan modification <br />documents drafted, equating to significant work and expense. The County Attorney's Office has consulted <br />with Public Works and Community Development which do not object to the reduction. As the request is <br />to waive only 3 days, and is supported by staff, the County Attorney's Office supports the requested <br />waiver. <br />Approved for September 13, 2016 BCC Meeting <br />CONSENT <br />COUNTY ATTORNEY <br />99 <br />