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1993, the Board of County Commissioners granted -a second extension to the construction deadline, allowing the deadline to be extended to February 8, 1994. Since the developer is in breach of contracts with the county to complete the required improvements by February 8, 1994, and since the letters of credit guaranteeing the contracts on Phase II, Phase III, and mosquito impoundment improvements are due to expire on PBy Sr 1994, staff is requesting that the Board take action now protect the county's interests to have.the improvements completed. To date,- the "bonded -out" required construction has not been completed, and no. certificate of completion has been issued by the county certifying that the construction has been completed in an acceptable manner. Although not complete, the developer has done significant work within Phases II and III and may request that the letters of credit be extended, and reduced in an amount commensurate with the work completed. The Public Works Director can approve a reduction in the letters of credit based upon a certified engineers cost estimate pursuant to subdivision ordinance section 913.10(2). If reduced letters of credit are proposed, the amount of the reduction must be approved by the Public Works Director 10 days prior to the expiration of the existing letters of credit. However, only the Board of County Commissioners can grant a time extension for the contracts for required improvements and for the corresponding posted security. Staff is requesting that the Board of County Commissioners authorize staff to approve a one year extension for -the contracts for required improvements and.corresponding posted security. Such extensions would allow more time for the developer to complete the project. However, if the developer does not soon provide replacement contracts and posted security, the county will need to act to pull the existing letters of credit. Staff is also requesting that the Board of County Commissioners authorize the chairman to execute the attached resolutions, enabling staff to draw upon the letters'of credit. Staff will act to draw upon the letters of credit prior to their expiration if the applicant either fails to obtain a certificate of completion or fails to submit amended letters of credit and executed, extended contracts for construction which are acceptable to the county attorney's office. If the letters of credit are drawn on by the county, the county would use the funds to ensure that the required improvements are completed. Staff would return to the developer any funds remaining after completion of the project, and after the one year warranty period expires. RECOMMENDATION: Based upon the above analysis, staff recommends that the Board of County Commissioners: 1. Authorize the Chairman to sign the attached resolutions, authorizing staff to draw upon the full amount of the letters of credit, if necessary; and 2. Authorize the Chairman to sign any properly executed revised contracts for construction, as approved by the county attorney, and authorize staff to accept any properly amended and executed letters of credit. APR 6 1994 z3 BOOK 92 PAGE275