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Those remaining improvements have not yet been completed as required under the <br />existing contract. The developer wishes to extend the contract and the letter of credit. <br />Because the security guaranteeing the improvements will expire on September 26, 2002, <br />the Board must act now to ensure that the security will either be pulled or extended. <br />ANALYSIS: <br />The LDRs allow for subdivision improvements to be bonded out for final plat approval. <br />In this instance, the applicant has bonded for final plat approval, but has not been able to <br />complete the remaining improvements in the timeframe specified in the contract for <br />construction. <br />Staff has no objection to the Board authorizing the developer up to one more year, with <br />no subsequent extensions, to complete the remaining improvements. As of the date of this <br />report, however, the developer has not submitted the documents necessary to extend the <br />contract completion date and extend the letter of credit. To ensure completion of the <br />required improvements, the Board needs to authorize staff to pull the existing letter of <br />credit by adopting the attached resolution. To accommodate the developer's desire to <br />extend the completion date and offer substitute (extended) security, the Board should also <br />authorize such extensions if the developer provides the necessary items for the contract <br />date extension and letter -of -credit substitution (or amendment) on or before September <br />23, 2002. <br />RECOMMENDATION: <br />Staff recommends that the Board of County Commissioners: <br />1. Adopt the attached resolution authorizing staff to pull the existing letter of <br />credit unless the conditions of item #2 (below) are met. <br />2• Approve an extended improvement completion date of up to one year, <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 letter of credit substitution or <br />amendment on or before September 23, 2002. <br />ATTACHMENTS: <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 <br />September 17, 2002 <br />38 <br />