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4. An acceptable security arrangement to guarantee the contract for construction of remaining <br />required improvements. <br />The majority of the required subdivision improvements have been constructed. At this time, the <br />applicant is proposing to "bond out" the remaining required improvements for Phase I, as provided <br />for in the county's land development regulations. Both the public works department and the utility <br />services department have reviewed and approved the submitted engineers cost estimate and <br />corresponding security amount In addition, the county attorney's office has reviewed and approved <br />the submitted contract for construction and the associated financial security. The financial security <br />represents 115% of the estimated cost to construct the required improvements. It should be noted <br />that all improvements within Oak Island will be private, except for the utility facilities. The utility <br />facilities will be dedicated to Indian River County as required by the Utility Services Department. <br />: 1 MUT P e . <br />Staff recommends that the Board of County Commissioners: <br />1. Grant final plat approval to Oak Island Phase I, <br />2. Authorize the chairman to sign the contract for construction of remaining required <br />improvements, <br />3. Accept the security arrangement as approved by the County Attorney's Office, Public Works <br />and Utilities Departments, and <br />4. Authorize the County Attorney's Office to execute any Notices and agreements related to <br />pledged securities accounts. <br />1. Application <br />2. Location Map <br />3. Plat Layout <br />4. Contract for Construction <br />ON MOTION by Commissioner Eggert, SECONDED BY <br />Commissioner Ginn, the Board unanimously 1) granted final <br />plat approval to Oak Island Phase I; 2) authorized the Chairman <br />to sign the contract for construction of remaining required <br />improvements; 3) accepted the security arrangement as <br />approved by the County Attorney's Office, Public Works and <br />Utilities Departments; and 4) authorized the County Attorney's <br />Office to execute any Notices and agreements related to pledged <br />securities accounts, as recommended in the Memorandum. <br />May 12, 1998 <br />14 <br />