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BOOK DO FAGE 49 <br />Z E. FAIRWAYS AT GRAND HARBOR - FIRST MODIFICATION TO CONTRACT <br />FOR REQUIRED IMPROVEMENTS - SUBSTITUTION OFPERFORMANCE <br />BOND FOR CASHDEPOSIT <br />The Board reviewed a Memorandum of April 9, 1999: <br />TO: The Board of County Commissioners <br />FROM: j(/ William G. Collins II - Deputy County Attorney <br />DATE: April 9, 1999 <br />SUBJECT: Substitution of Performance Bond for Cash Deposit - Fairways at <br />Grand Harbor <br />On November 9, 1998 Fairways at Grand Harbor, Ltd. entered into a Contract for <br />Construction of Required Utility Improvements with Indian River County <br />guaranteeing the installation of utility improvements after recording of the plat but <br />before November 10, 1999. <br />Paragraph 3 of that agreement provided that the developer may at any time <br />substitute guarantees, subject to the approval as to form and amount by the <br />County. The developer has submitted a performance bond to guarantee those <br />utility improvements will be constructed prior to November 10, 1999 and has <br />executed a First Modification to the Contract for Required Improvements to <br />reflect that the County will now look to the performance bond rather than the <br />cash deposit. <br />RECOMMENDATION: <br />Authorize the Chairman to execute the First Modification to Contract for <br />Construction of Required Improvements No. PD -98-01-01-U1 and accept the <br />performance bond from RU Insurance Company dated January 28, 1999. <br />ON MOTION by Commissioner Adams, <br />SECONDED by Commissioner Ginn, the Board <br />unanimously approved the First Modification to <br />Contract for Construction of Required Improvements <br />No. PD -98-01-01 Ul with Fairways At Grand <br />Harbor, Ltd., authorized the Chairman to execute <br />same, and accepted the performance bond from RLI <br />Insurance Company, -all as recommended by staff. <br />DOCUMENTS ARE ON FILE IN THE OFFICE <br />OF THE CLERK TO THE BOARD <br />APRIL 20,1999 <br />-14- <br />• 0 <br />