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ANALYSIS: The LDRs allow for developers to obtain final plat approval for a subdivision without completing the required subdivision improvements, provided the developer enters into a contract for constriction and posts financial security to guarantee construction of the improvements. The required improvements may be bonded for a period of up to 1 year, and that one year deadline may be extended. In this instance, the Hunter's Run final plat was approved on July 10, 2001. To ensure construction of the required subdivision improvements, a contract for construction and financial security were approved with the plat. The Security (letter of credit) is scheduled to expire on March 31, 2002, but developer could extend the contract for construction to July 1, 2002 and provide cash as substitution accompanied by a cash deposit and escrow agreement. Such an extension is reasonable and should accommodate completion of the remaining required improvements. Staff has no objection to the Board authorizing extension of the date for completion of required improvements to July 1, 2002. As of the date of this report, however, the developer has submitted neither the documents necessary to extend the completion date nor substitute financial security. To ensure completion of the required improvements, the Board needs to authorize staff to pull the existing letter of credit by adopting the attached resolution. To accommodate the developer's request to extend the completion date and offer substitute security, the Board should extend the completion date to July 1, 2002 and authorize acceptance of substitute security in an amount acceptable to the County Engineer, if the developer provides the necessary items for such extension and substitution on or before March 25, 2002 RECOMMENDATION: Staff recommends that the Board of County Commissioners: Adopt the attached resolution authorizing staff to pull the existing letter of credit unless the conditions of item #2 (below) are met. Approve an extended iiiiprovement completion date of July 1, 2002 and accept substitute financial security in an amount acceptable to the County Engineer, in lieu of pulling the existing letter of credit referenced above, if the developer provides county staff the items necessary for such an extension and security substitution on or before March 25, 2002. If item #2 above is met, authorize the Chairman to execute the attached modification to contract for construction of required improvements and cash deposit and escrow agreement. ATTACHMENTS: 1. Developer's Request 2. Location Map 3. Existing Letter of Credit (copy) 4. Resolution to Pull the Existing Letter of Credit 5. Modification 6. Cash Deposit and Escrow Agreement March 19, 2002 26