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REQUEST TO AUTHORIZE STAFF TO DRAW UPON A LETTER OF CREDIT FOR MGC INVESTMENTS The Board reviewed the following memo dated 7/20/92: TO: James E. Chandler County Administrator DIVISION HEAD CONCURRENCE: 62 419 1 Obert M. Ke t' i10, A Community DeveloopmenGbirector THROUGH: Stan Boling, AICP Planning Director FROM: Christopher D. Rison Senior Planner, Current Development DATE: July 20, 1992 SUBJECT: REQUEST TO AUTHORIZE STAFF TO DRAW UPON A LETTER OF CREDIT FOR MGC INVESTMENTS SD -89-03-002 It is requested that the data herein presented be given formal consideration by the Board of County Commissioners at its regular meeting of July 28, 1992. DESCRIPTION AND CONDITIONS: On June 12, 1990, the Board of County Commissioners granted final plat approval for the CGN Subdivision. The applicants, Mr. and Mrs. George Nichols, et. al. executed a Developer's Agreement for construction of.a left -turn lane on 37th Street to serve the CGN Subdivision, and posted security to guarantee the Developer's Agreement. On August 6, 1991 the Board of County Commissioners approved a modification to the original Developer's Agreement to extend the completion deadline for the left -turn lane. The applicant submitted a new security instrument to guarantee the Modified Developers Agreement in the form of a Barnett Bank Letter of Credit for $58,250.00. The required turn -lane has not yet been completed. At the end of the business day of August 3, 1992, the Letter of Credit will expire. Although the developers have indicated that new security will be provided, no new security has been received as of the date of this report. Therefore, to protect the county, staff is requesting that the Board of County Commissioners authorize staff to pull the Letter of Credit. ANALYSIS: The developers' engineer has been working with the county's engineering staff to complete design and construction plans for the turn -lane improvement. County staff and the applicants' engineer agreed to delay finalization of the design and construction plans until, county forces completed a survey of the 37th Street right-of- wav extending between U.S. #1 and the Indian River Boulevard Extension. The 37th Street right-of-way survey has now been completed,and finalization of the turn -lane design and construction drawings may now be completed. However, completion of the turn - lane improvements, prior to expiration of the Letter of Credit on August 3, 1992, is not possible. The applicants have verbally agreed to extend the posted security, and staff has no objection to an extension. However, no new security has been submitted to staff 59 BOOS.;' JUL 2 8 1992 1