12/22/1992 - Laserfiche WebLink

Home Browse Search

development. permit issued for the project. Staff notified the applicant of the necessary repairs. The applicant then began work to complete the repairs, pending final approval of the work by the SJRWMD. Subsequently, the applicant requested that staff allow the original letter of credit to be extended to accommodate completion of the final remaining repair work. Staff granted the request by accepting an extension of the letter of credit, which now has a December 31, 1992 expiration date. As of the date of this report, the applicant has not yet received from the St. Johns Water Management District, or from county public works, approval of the proposed repair work. The applicant has informed staff that there is not sufficient time _ to complete the repair work and receive approval from the SJRWMD prior to the December 31, 1992 letter of credit expiration date. The applicant is requesting staff's permission to extend the letter of credit for an additional three (3) months to accommodate completion of -the actual repair work. Staff has no objection to such a request. However, the replacement letter of credit has not yet been received by staff as of the date of this report. To ensure that there will be no lapse in posted security and to ensure that the county will not incur the cost to complete the final remaining required repairs, staff is requesting that the Board of County Commissioners authorize staff to draw upon the existing letter of credit if an acceptable replacement letter of credit is not received by staff by December 281 1992. Should the developer present a new, acceptable letter of credit to staff following staff's draw upon the original letter of credit, staff will return the collected funds to the developer. RECOMMENDATION: Staff recommends that the Board of County Commissioners adopt the attached resolution demanding payment under the provisions of the Indian River National Bank Letter of Credit, authorize the Chairman to endorse the Letter of Credit, and authorize staff to draw upon the letter of credit. ON MOTION by Commissioner Bird, SECONDED by Commissioner Tippin, the Board unanimously approved staff recommendation as set out in the above memo and adopted Resolution 92-228A, authorizing draft upon Indian River National Bank Irrevocable Letter of Credit No. 0019. 5 DEC 2 2 1992 BOOK FaGF.3.38