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Staff is hereby requesting that the Board of County Commissioners <br />authorize the chairman to execute the attached resolutions, <br />enabling staff to draw upon the letters of credit. Staff will act <br />to draw upon the letters of credit, prior to their expiration, if <br />the applicant does not obtain a certificate of completion and does <br />not submit an acceptable Bill of Sale guaranteeing performance of <br />dedicated utility improvements. Alternatively, staff would not <br />draw upon the letters of credit if, 2 days prior to their <br />respective expiration date, the developer submits amended letters <br />of credit and executes extended contracts for construction which <br />are acceptable to the county attorney's office. <br />If the letters of credit are drawn on by - the county, the county <br />would use the funds to ensure that required improvements are <br />completed. Staff would return to the developer any funds remaining <br />after completion of the project, and after the one year warranty <br />period expires. <br />RECOMMENDATION: <br />Staff recommends that the Board of County Commissioners adopt the <br />attached resolutions authorizing staff to draw upon the full amount <br />of the letters of credit as necessary. <br />Planning Director Stan Boling further explained that the <br />developer is working with the County Attorneys office for <br />replacement letters of credit, which would be an alternative. <br />Therefore, staff recommends that the Board adopt resolutions <br />authorizing staff to draw upon letters of credit, if necessary, and <br />authorize the Chairman to execute extensions to the construction <br />contract in the event that the developer is able to do that. <br />ON MOTION by Commissioner Eggert, SECONDED by <br />Commissioner Tippin, the Board unanimously adopted <br />Resolutions 93-176, 93-177, and 93-178 authorizing <br />draft on letter of credit, if necessary, and <br />authorized the Chairman to execute extensions to the <br />construction contract in the event the developer is <br />able to extend the contract, as recommended by <br />staff. <br />EXTENSIONS TO CONTRACTS (3) <br />ARE ON FILE IN THE OFFICE OF CLERK TO THE BOARD <br />25 <br />OCT 121993 BOOK 90 PAGE A42 <br />