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The outstanding sidewalk and asphalt improvements have not yet been completed as <br />required under the existing contract. Because the security guaranteeing the <br />improvements will expire on January 11, 2002, the Board must act now to ensure that the <br />security will either be pulled or extended. <br />ANALYSIS: <br />The LDRs allow for certain subdivision improvements, including the construction of <br />internal project sidewalks and the provision of a final layer of asphalt, to be completed <br />after homes are built in a new subdivision. Such arrangements are reasonable since they <br />allow home construction activity, that might otherwise damage and require repair of <br />"finishing" improvements such as internal sidewalks and final asphalt layers, to occur <br />within the subdivision. <br />Staff has no objection to the Board authorizing the developer one more year, with no <br />subsequent extensions, to complete the internal sidewalks and put down the final layer of <br />asphalt. As of the date of this report, however, the developer has not submitted the <br />documents necessary to extend the contract completion date and extend the letter of <br />credit. To ensure completion of the required improvements, the Board needs to <br />authorize staff to pull the existing letter of credit by adopting the attached resolution To <br />accommodate the developer's written request to extend the completion date and offer <br />substitute (extended) security, the Board should also authorize such extensions if the <br />developer provides the necessary items for the contract date extension and letter -of -credit <br />substitution (extension) on or before January 10, 2002. <br />RECOMMENDATION: <br />Staff recommends that the Board of County Commissioners: <br />Adopt the attached resolution authorizing staff to pull the existing letter of <br />credit unless the conditions of item #2 (below) are met. <br />Approve an extended improvement completion date of December 5, 2002, <br />authorize the chairman to sign a modification of contract for construction <br />completion date and accept a substitute letter of credit in an amount <br />acceptable to the County Engineer in lieu of pulling the existing letter of <br />credit referenced above, if the developer provides to staff the items <br />necessary for such an extension and substitute letter of credit on or before <br />January 10, 2002. <br />ATTACHMENTS: <br />Indian Rwcr fp /qv co <br />1. Location Map <br />2. Existing Letter of Credit (copy) <br />3. Resolution to Pull the Existing Letter of Credit <br />4. Modification of Contract for Construction (Draft) <br />Budget <br />Risk Mgr. <br />January 8, 2002 <br />