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CONSENT: October 19, 2021 Cif ce of INDIAN RIVER COUNTY Dylan Reingold, County Attorney William K. DeBraal, Deputy County Attorney Susan J. Prado, Assistant County Attorney MEMORANDUM TO: The Board of County Commissioners FROM: William K. DeBraal - Deputy County Attorney DATE: October 7, 2021 ATTORNEY SUBJECT: Project: Lakes at Waterway Village PD — Pod U Request for 2 -Year Extension to Final Lift of Asphalt Contract Developer: DIVOSTA HOMES, L.P., a Delaware limited partnership In December 2019, DIVOSTA HOMES, L.P., the developer of Lakes at Waterway Village PD — Pod U, entered into a Contract for Construction for Final Lift of Asphalt, Contract No. PD - 16 -12 -07 -FLA (2004010124-83766), pos=ed the required security in the form of Wells Fargo Bank, N.A. Irrevocable Standby Letter of Credit in the amount of $41,165.00, to guarantee completion of the final. lift of asphalt. The developer, has requested an extension to this contract as the project has not yet been completed. Section 913.10(1)(E) of the County Code states that for good cause shown the Board may in its discretion grant one or more extensions of time for performance of any contract for construction of required improvements provided the security supporting such contract remains valid for the required period following the newly extended time for performance. Staff has no objection to a 2 -year extension. Additionally, the developer has paid the required $660 extension request fee; and has provided its engineer's updated certified cost estimate, which County engineering has approved. It is noted that the approved amount has changed from the approved initial cost estimate which would necessitate an amendment to the existing letter of credit to increase the amount and the letter of credit expiration date. FUNDING: There is no cost to be borne by Indian River County with respect to this item. 10