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CONSENT AGENDA: 1/10/17 Office of INDIAN RIVER COUNTY ATTORNEY Dylan Reingold, County Attorney William K. DeBraal, Deputy County Attorney Kate Pingolt Cotner, Assistant County Attorney MEMORANDUM TO: Board of County Commissioners FROM: William K. DeBraal — Deputy County Attorne DATE: December 30, 2016 SUBJECT: The Reserve At Vero Beach P.D. — Phase 2 Substitution of Security for Road and Drainage Warranty and Final Lift of Asphalt Guaranty SR 60 Vero LLC, the developer of The Reserve At Vero Beach P.D. project, in order to obtain in an expedited fashion a Certificate of Completion for Phase 2 within platted Phase 2, posted cash in the amount of $31,650.30 for the 1 -year road and drainage warranty, and $40,360.63 for the final lift of asphalt guaranty. The developer's financial institution, M & T Bank, has now issued two letters of credit to substitute each cash escrow. Each letter of credit has been reviewed by the County Attorney's Office and each is acceptable. In order to memorialize the substitution of security, a Modification to both the Warranty and Guaranty Agreement for Required Improvements (for road and drainage) and Contract for Construction for Final Lift of Asphalt have been prepared for approval by the Board of County Commissioners. FUNDING: There are no costs associated with this item. RECOMMENDATION: Authorize the Chairman of the Board of County Commissioners to execute the attached Modification to Warranty and Guaranty Agreement for Required Improvements Contract No. PD-14-06-04-R&D2(2) and Modification to Contract for Construction for Final Lift of Asphalt Contract No. PD-14- 06-04-FLA-PH2 memorializing the substitution of security. I Attachments: Modification to Warranty and Guaranty Agreement for Required Improvements Modification to Contract for Construction for Final Lift of Asphalt 8-F P63