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• • 7.L. Resolution No. 2002-016 - Hunters' Run Subdivision - Pull Letter of Credit - Cash Deposit and Escrow Agreement - Modification to Contract for Construction of Required Improvements (Brackett Family Limited Partnership) The Board reviewed a Memorandum of March 13, 2002: TO: James E. Chandler County Administrator RTME\T HEAD CONCURRENCE: Robert M. Keating, AT Community Developmet t Direct THROUGH: Stan Boling, AJCP Planning Director DATE: March 13, 2002 FROM: John W. McCoy, AICP y\ Senior Planner, Current Development SUBJECT: Request to Pull Letter of Credit for Hunters Run Subdivision Remaining Required Improvements SD -01-07-10/2000070021 It is requested that the information provided herein be given formal consideration by the Indian River County Board of County Commissioners at its meeting of March 19, 2002. BACKGROUND: Hunters Run is a single phase subdivision approved for 42 single-family lots. It is located on the south side of Oslo Rond, west of 43rd Avenue. On July 10, 2001, the final plat for Hunters Run, along with a contract for the construction of remaining improvements and a letter of credit to secure the contract, were approved by the Board of County Commissioners. The contract and financial security guarantee completion of required improvements. While construction of subdivision improvements is ongoing, the developer has not yet requested any inspections. There are a variety of required improvements that have not been completed at this time. The remaining improvements are guaranteed by a letter of credit that is due to expire on March 31, 2002. As of the date of this report, no letter of credit extension or substitution has been received, although the developer has requested to extend the completion date to July 1, 2002 and post alternate security in the form of cash. To ensure that the remaining improvements aie completed, the Board needs to authorize staff to pull the letter of credit before the March 31" expiration date To accommodate the stated desire of the developer to substitute the financial secunty, the Board may also authorize an extension of the construction completion date and authorize acceptance of substitute financial security in the four of cash. March 19, 2002 25 LTA t-1 !'}