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7 <br />SUNSHINE TRAVEL RESORTS, INC., CONNECTION TO WATER AND WASTEWATER <br />AND CALLING LETTER OF CREDIT <br />The Board reviewed memo from Utility Services Director Terry <br />Pinto dated: <br />DATE: MAY 5, 1994 <br />TO: <br />FROM: <br />PREPARED <br />AND STAFFED <br />BY: <br />SUBJECT: <br />BACKGROUND <br />JAMES E. CHANDLER <br />COUNTY ADMINISTRA' <br />TERRANCE G. <br />DIRECTOR OF <br />HARRY E. <br />ASSISTANT <br />OF UTILITY SERVICES <br />SUNSHINE TRAVEL RESORTS, INC. (SUNSHINE) <br />CONNECTION TO WATER AND WASTEWATER AND CALLING <br />OF LETTER OF CREDIT <br />On May 16, 1984, Indian River County -executed the Franchise Agreement known <br />as the Sunshine Travel Resorts, Inc. Water and Wastewater System Franchise <br />(Sunshine). (See copy attached). <br />Under the agreement, Sunshine was required to escrow impact fees. This <br />requirement was met by Sunshine by furnishing a Letter of Credit in the <br />amount of $363,280.00 for 152 ERUs of water and sewer capacity. (See copy <br />attached). <br />Section XVI, Item 4, of the agreement states in part, "Should the County at <br />any time provide a water distribution system and/or wastewater collection <br />system and furnish water and/or wastewater services to individual customers <br />within the franchise territory, the sums of money remaining in said account <br />consisting of plant capacity charges and contributions in aid of <br />construction charges shall become -the absolute property of the County and <br />the Utility shall have no rights thereto." <br />ANALYSIS <br />The County has extended water and wastewater service to the franchise <br />territory. Sunshine has granted the required easements for the connection <br />and both water and wastewater connections have been completed. The County <br />now needs to call the Letter of Credit for payment of the water and <br />wastewater impact fees. The documents required, per the Letter of Credit, <br />are Beneficiary's signed statement as follows: "We hereby certify that <br />Sunshine Travel Resorts, Inc. (Utility Franchise) has failed to pay impact <br />fees on the Sunshine Travel Resort RV Park ($2,390/unit) for 152 units." <br />Along with a draft marked, "Drawn under Barnett Bank of Central Florida, <br />N.A. Letter of Credit No. 073160 dated 12/05/1988." The draft will be <br />prepared by the Office of Management and Budget. <br />RECOMMENDATION <br />The staff of the Department of Utility Services recommends the Board of <br />County Commissioners approval for the Chairman to sign the attached letter <br />meeting the requirements of the Letter of Credit and to be submitted with <br />the draft requesting the amount of $363,280.00. <br />� ���� P � 3 <br />MAS 1 5 <br />.; � 9 <br />900K � F'Ar r,44:1 <br />