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DEC, 21992 ROOK 88 P.,,F-3.37 <br />B. Reo'uest to Authorize Staff to Draw Upon A Letter of Credit for <br />Chanam Corporation <br />The Board reviewed the following memo dated 12/15/92: <br />TO: James E. Chandler <br />County Administrator <br />DIVISION HEAD CONCURRENCE: <br />n <br />Obert M. esti , Al <br />Community Development irector <br />THROUGH: Stan Boling, AICP <br />Planning Director <br />FROM: Christopher D. Rison C(f--' <br />Senior Planner, Current Development <br />DATE: December 15, 1992 <br />SUBJECT: REQUEST TO AUTHORIZE STAFF TO DRAW UPON A LETTER OF <br />CREDIT FOR CHAPAM CORPORATION <br />SD -90-05-004 <br />It is requested that the data herein presented be given formal <br />consideration by the Board of County Commissioners at its regular <br />meeting of December 22, 1992. <br />DESCRIPTION AND CONDITIONS: <br />On February 26, 1991, the Board of County Commissioners granted <br />final plat approval for the Treasure Trail Subdivision. The <br />applicant, Chapam Corporation, was required to provide an executed <br />1 -Year Warranty/Maintenance Agreement to guarantee the performance <br />of the subdivision's publicly dedicated improvements and post <br />security to guarantee the Warranty/Maintenance Agreement. The <br />applicant submitted an Indian River National Bank Letter of Credit <br />for $17,415075 to satisfy the security requirement. The <br />Warranty/Maintenance Agreement is provided by a developer for the <br />County's protection against faulty subdivision improvements. <br />Following expiration of the 1 -year warranty period, staff inspects <br />the subject subdivision to determine if any repairs to the <br />subdivision are required. If no repairs are required, the <br />Warranty/Maintenance period expires and the posted security is <br />released. If repairs are required, the developer is notified that <br />the required repairs must be completed prior to expiration of the <br />posted security. If the repairs are not complete, the County must <br />act to draw upon the corresponding security which shall fund <br />completion of the required repairs by the County. <br />ANALYSIS: <br />Staff's 1 -year inspection of the subject subdivision revealed that <br />repairs to the subdivision's drainage system were required in order <br />to bring the system into compliance with the St. Johns River Water <br />Management District (SJRWMD) Stormwater Permit and county land <br />4 <br />