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APPROVAL OF CONTRACT FOR CONSTRUCTION & ACCEPTANCE OF LETTER OF CREDIT - INDIAN RIVER CLUB PLAT 3 Community Development Director Bob Keating advised that this item could have been on the Consent Agenda and reviewed a Memorandum of December 13, 1996: TO: James E. Chandler County Administrator DIVISION HEAD CONCURRENCE: Robert M. Keatia , AICP Community Development Director /f , A) THROUGH: Stan Boling, AICP Planning Director FROM: John W. McCoy, AICP Senior Planner, Current Development DATE: December 23, 1996 SUBJECT: Indian River County's Request for Approval of the Contract for Construction for Required Improvements for Indian River Club Plat 3 It is requested that the data herein presented be given formal consideration by the Board of County Commissioners at its regular meeting of January 7, 1997. BACKGROUND & ANALYSIS: At its October 1, 1996 meeting, the Board of County Commissioners approved the final plat for Indian River Club (Plat 3), and authorized the chairman to sign a contract for construction of required improvements. As reflected in staff's report to the Board, an actual contract was not attached to staff's report based on the fact that the applicant was still working with its financial institution to determine a type of satisfactory financial security arrangement and corresponding contract form. Now, an agreeable financial security arrangement and corresponding contract have been finalized between the applicant and the county attorneys office. The final form of the contract is hereby presented to the Board for its approval. RECOMMENDATION: Staff recommends that the Board of County Commissioners authorize the Chairman to execute the attached contract for construction and accept the attached letter of credit securing the contract. 35 January 7, 1997 BOOK mE 420