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APR 2 6 1994 800K 92 FACE -274 <br />AUTHORIZATION FOR STAFF TO DRAW UPON LETTERS OF CREDIT FOR <br />COPELAND'S LANDING, PHASE II AND III OR ACCEPT REPLACEMENT LETTERS <br />OF CREDIT AND EXTEND THE CONTRACTS FOR REQUIRED IMPROVEMENTS <br />The Board reviewed the following memo dated 4/13/94: <br />TO: James E. Chandler <br />County Administrator <br />DI N HEAD CONCURRE E: <br />A 400 <br />ert M. Reat q, ICP <br />Community De a opme t Dir for <br />THROUGH: Stan Boling,,eAiuICP <br />Planning Director <br />FROM: John W: McCoy, AICP , Mk <br />Senior Planner, Current Development <br />-- DATE: April 13, 1994 <br />SUBJECT: Request to Authorize Staff to Draw Upon Letters of Credit <br />for Copeland's Landing, Phases II and III or Accept <br />Replacement Letters of Credit and Extend the Contracts <br />for Required Improvements <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 April 26, 1994. <br />DESCRIPTION AND CONDITIONS: <br />Copelands Landing is a multi -phase residential development located <br />on the north side of 73rd Street between US 1 and the Indian River. <br />On May 5, 1992, the Board of County Commissioners approved <br />Copeland's Landing Phase II final plat, based on the developer <br />posting security to guarantee construction of required <br />improvements. Subsequently, on December 8, 1992, the Board of <br />County Commissioners granted final plat approval for Copeland's <br />Landing Riverside (Phase III), based on the developer posting <br />security to guarantee a contract to complete required improvements. <br />In addition to the Phase II and. Phase III improvements, the <br />developer also guaranteed construction of certain wetland <br />mitigation improvements. Although the construction contract <br />deadline for completing these improvements occurred February 8, <br />1994, the security posted to guarantee the construction is still <br />valid. However, the security will expire on May 8, 1994. unless the <br />developer completes construction or unless the county takes action <br />now to ensure that the security is either "pulled" or replaced <br />before May 8th. <br />ANALYSIS: <br />The county has 3 letters -of credit submitted by the developer to <br />guarantee construction of the Phase II, Phase III, and wetland <br />mitigation required improvements. The letters of credit are in the <br />amounts of $221,000 to guarantee phase II construction, $71,000 to <br />guarantee phase III construction, and $49,500 to guarantee wetland <br />mitigation work in the project's mosquito impoundment. This <br />wetland mitigation- work is tied td both phases. On October 12, <br />22 <br />