Laserfiche WebLink
OCT 12 N93 <br />TO: James E. Chandler <br />County Administrator <br />D SION HEAD CONCURRENCE: <br />Obert X. R #ig, A <br />Community Developme6e Director <br />THROUGH: Stan Boling ICP <br />Planning Director <br />FROM: John W. McCoy, AICP <br />Senior Planner, Current Development <br />DATE: October 5, 1993 <br />BOOK 90 UGF 741. <br />SUBJECT: Request to Authorize Staff to Draw Upon Letters of Credit <br />for Copeland's Landing, Phases II and III <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 October 12, 1993. <br />DESCRIPTION AND CONDITIONS: <br />On May 5, 1992, the Board of County Commissioners approved <br />Copeland's Landing Phase II final plat, based on the developer <br />bonding out for the required improvements. Subsequently, on <br />December 8, 1992, the Board of County Commissioners granted final <br />plat approval for Copeland's Landing Riverside (Phase III), based <br />on the developer posting security to guarantee a contract to <br />complete the required improvements by August 81 1993. <br />The developer has submitted 3 letters of credit to guarantee the <br />construction of the Phase II, Phase III, and wetland mitigation <br />required improvements. The letters of credit are in the amount of <br />$221,000 to guarantee phase II construction, $71,000 to guarantee <br />phase III construction, and $49,500 to guarantee wetland mitigation <br />work in the mosquito impoundment. The wetland mitigation work is <br />tied to both phases. Since the developer is in breach of contracts <br />with the county to complete the required improvements by August 9, <br />1993, and since the letters of credit guaranteeing the contracts on <br />Phase II and Phase III are due to expire on November 81 1993, and <br />the letter of credit securing mitigation may expire October 15th, <br />staff is requesting that the Board take action now to protect the <br />county's interests. <br />ANALYSIS: <br />When phase III was approved on December 8, 1992, all three letters <br />of credit were extended to November 8, 1993. The contracts for <br />construction for the remaining required improvements call for all <br />three areas of construction (Phase II, Phase III, wetland <br />mitigation work) to be completed by August 8, 1993. To date, none <br />of the construction has been completed, and no certificate of <br />completion has been issued by the county certifying that the <br />construction has been completed in an acceptable manner. <br />Therefore, the developer has been in breach of contract for <br />required improvements in all three construction areas since August <br />8, 1993. <br />24 <br />