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Alan S. Polackwich, Sr., County Attorney <br />William K. DeBraal, ]Deputy County Attorney <br />Melissa P. Arnderson, Assistant County Attorney <br />CONSENT AGENDA; 114!11 <br />Office of <br />INDIAN RIVER COUNTY <br />TO: The Board of County Commissioners <br />FROM: Alan S. Polackwich, Sr. - County Att- e� <br />DATE: December 28, 2010 <br />ATT O RNEY <br />SUBJECT: Millstone Landing PD, Phase 3 <br />Consent to Second Modification to and Assignment of Contract for <br />Construction of Required Sidewalk Improvements <br />Shelby Homes at Millstone, Inc. was the original developer of the Millstone <br />Landing project consisting of multiple phases. Regions Bank through a mortgage <br />foreclosure took title to certain property within the project by virtue of a Certificate <br />of Title. Regions Bank has now transferred certain property within Phase 3 to <br />SLV Millstone, L.L.C., a Delaware limited liability company. <br />The County has been notified by Regions Bank that the existing letter of credit in <br />the amount of $45,168.88 that was posted by the original developer to guarantee <br />completion of the remaining sidewalks not deferred within Phase 3 will not be <br />renewed, and will thereby expire on January 16, 2011: The new owner has <br />subsequently notified the County that it wishes to replace the existing Regions <br />Bank, letter of credit. Under paragraph 10 of the supporting sidewalk contract, it <br />states that the agreement shall not be assigned without the express written <br />approval of the County. <br />Presented herewith for approval is the Second Modification to and Assignment of <br />Contract for Construction of Required Sidewalk Improvements relating to the <br />remaining sidewalks not deferred within Millstone Landing PD, Phase 3. <br />RECOMMENDATION: <br />Approve the attached Second Modification to and Assignment of Contract for <br />Construction of Required Sidewalk Improvements and authorize the Chairman to <br />execute same, provided, however, that the following documents are received no <br />later than 5:00 p.m. on January 7, 2011 and are acceptable to the County <br />Attorney's Office:� <br />kna:�a Rr�r Ca�AG��ed � ❑ale <br />APPROVED FOR � <br />B. W911TING - C AGENDA, <br />�C_- <br />COUNT ATTORNEY r. <br />��i���f�3rw3+1lft!# <br />