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• • <br />7.K. Resolution No. 2000-090 - Declaring Default by Hammock Lake <br />Associates, Ltd and Authorization to Pull Letter of Credit <br />The Board reviewed a Memorandum of August 28, 2000: <br />TO: James E. Chandler <br />County Administrator <br />DI N HEAD CONCURRENCE: <br />o • rt M. Keating, ACCP <br />Community Development Director <br />4.6. <br />FROM: Stan Boling, MCP <br />Planning Director <br />DATE: August 28, 2000 <br />SUBJECT: Request to Pull Letter of Credit for Hammock Lakes Phase I PD <br />PD -95-08-05 / 94110133 <br />It is requested that the information provided herein be given formal consideration by the Indian River <br />County Board of County Commissioners at its meeting of September 5, 2000. <br />BACKGROUND: <br />Hammock Lakes is a two phase PD (planned development) approved for 206 single-family lots. The <br />conceptual PD plan, which covers both phases, was approved by the Board of County <br />Commissioners on September 26, 1995. Phase I consists of the west half of the total project and <br />contains 100 lots. On August 12, 1997, the final plat for Phase I was approved by the Board of <br />County Commissioners, and a contract for the construction of remaining Phase I improvements was <br />approved along with a letter of credit to secure the contract. Subsequently, most of the remaining <br />improvements were completed, and a certificate of completion was issued by Public Works on June <br />5, 1998. The certificate of completion noted that two remaining improvements would be completed <br />in the future. Those improvements, which consist of constructing internal sidewalks and providing <br />a final layer of asphalt on all project roads, have not yet been completed. <br />These two remaining improvements are guaranteed by a letter of credit that is due to expire on <br />September 13, 2000. As of the date of this report, no letter of credit extension or substitution has <br />been received, although the developer has indicated that he intends to offer a substitute letter of <br />credit. To ensure that the remaining improvements are completed, the Board needs to authorize staff <br />to pull the letter of credit before the September 13th expiration date. To accommodate the stated <br />desire of the developer, the Board may also authorize an extension of the completion date and <br />authorize acceptance of another letter of credit. <br />September 5, 2000 <br />29 <br />BKIi4PG763 <br />