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7.P. Resolution No. 2002-002 Declaring Default by the Indian River <br />Club, Ltd. and Authorizing Sight Draft Against Irrevocable Letter of <br />Credit - Contract for Construction of Required Subdivision <br />Improvements - Indian River Club Phase 7 -Modification to Contract <br />and New Letter of Credit (Public Bank) <br />The Board reviewed a Memorandum of December 26, 2001: <br />TO: James E. Chandler <br />County Administrator <br />DE'._.' TMENT HEAD CONCURRENCE: <br />Robert M. heating, AIC <br />THROUGH: Stan Boling, AICP <br />Planning Director <br />FROM: John McCoy, AICP.�j 0 <br />Senior Planner, Current Development <br />DATE: December 26, 2001 <br />SUBJECT: Request to Authorize Staff to Pull the Letter of Credit for Indian River <br />Club Phase 7 or Extend the Contract and Accept Security for Remaining <br />Improvements. <br />PD -00-02-04/99110164 <br />It is requested that the information provided be given foinial consideration by the Board <br />of County Commissioners at its regular meeting of January 8, 2002. <br />BACKGROUND: <br />Indian River Club Phase 7 is a 47 lot single family subdivision of a 25.09 acre parcel. <br />The subject property is part of the overall Indian River Club PD (Planned Development) <br />project The subject site is located at the southeast corner of the intersection of 6`h <br />Avenue S.W. and 23rd Street S W. (Highland Drive). <br />On September 19, 2000, the Board approved the applicant's request for final plat <br />approval which included a contract for construction for remaining required improvements <br />and a letter of credit to secure the contract. Subsequently, most of the remaining required <br />improvements were completed with the exception of internal, and a segment of external <br />sidewalks and a final (second) layer of asphalt on internal project roads. <br />January 8, 2002 <br />