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I1 . A . 2 . RESOLUTION NO . 2001 - 079 - DECLARATION OF <br /> DEFAULT BY HAMMOCK LAKE ASSOCIATES LTD . - SIGHT <br /> DRAFT AGAINST ATLANTIC STATES BANK IRREVOCABLE <br /> STANDBY LETTER OF CREDIT ( QUASI JUDICIAL ) <br /> The Board reviewed a Memorandum of August 20 , 2001 : <br /> TO : James E . Chandler <br /> County Administrator <br /> a1SI EAD CONCURRENCE : <br /> eating, CP <br /> Community Development Director <br /> 2J <br /> THROUGH : Stan Boling, "AIC P <br /> Planning Director <br /> FROM : John W. McCoy, AICP ` <br /> Senior Planner, Current evelopment <br /> DATE : August 20, 2001 <br /> SUBJECT : Request to Pull Letter of Credit for Hammock Lakes Phase I PD <br /> PD-95-08-05/94110133 <br /> It is requested that the information provided herein be given formal consideration by the Board of <br /> County Commissioners at its regular meeting of September 4 , 2001 . <br /> BACKGROUND : <br /> Hammock Lakes is a two phase PD (planned development) project approved for 206 single - family <br /> lots . The conceptual PD plan, which covers both phases, was approved by the Board of County <br /> Commissioners on September 26, 1995 . Phase I consists of the west half of the total project and <br /> contains 100 lots . On August 12 , 1997 , the final plat for Phase I was approved by the Board of <br /> County Commissioners, and a contract for the construction of remaining Phase I improvements was <br /> approved . Subsequently, most of the remaining improvements were completed, and a certificate of <br /> completion was issued by Public Works on June 5 , 1998 . The certificate of completion noted that <br /> two remaining improvements would be completed in the future. Those improvements, which consist <br /> of constructing internal sidewalks and providing a second, final layer of asphalt on all project roads, <br /> have not been completed. <br /> These two remaining improvements are guaranteed by a letter of credit that is due to expire on <br /> September 13 , 2001 . At its regular meeting of September 5 , 2000, the Board of County <br /> Commissioners authorized the extension of the original letter of credit and contract for construction <br /> to September 13 , 2001 . It is staff' s opinion that no further extensions should be granted and that the <br /> required improvements need to be constructed at this time . To ensure that the remaining <br /> September 4 , 2001 <br /> 58 <br /> 8K 119 <br /> w <br />