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BOARD OF COUNTY COMMISSIONERS
AGENDA REQUEST
DATE: August 20, 2013
TO: Honorable Chairman and Members of the Board
FROM: John Hofstad
SUBJECT: Price Farm Plantation Subdivision
DEPARTMENT: Public Works
BCC DISTRICT: Three North
STATEMENT OF ISSUE: The developer is requesting an extension of the warranty period and
acceptance of the maintenance bond ( new Irrevocable Standby Letter of Credit No. 201105 from
Coastal Bank & Trust) for Price Farm Plantation subdivision.
BACKGROUND: Price Farm Plantation subdivision was accepted by the Board of County
Commissioners to enter into the 18- month warranty period on October 18, 2011. The
Irrevocable Standby Letter of Credit No. 201105 issued by Coastal Bank & Trust in the amount
of Sixty Two Thousand Dollars ($62,000.00) was provided by the developer to serve as
maintenance bond. The said letter of credit expires on September 6, 2013, but project
deficiencies have not been rectified by the developer.
With the imminent expiration of the Letter of Credit on file the developer is requesting the Board
of County Commissioners to approve an extension of the warranty period and acceptance of a
new letter of credit. The new letter of credit is also from Coastal Bank & Trust (No. 201105)
with expiration date of September 6, 2014. All remediation work will be performed by the
developer during the extended warranty period.
OPTIONS: Approve/Disapprove the developer's request to extend the warranty period and
accept Letter of Credit No. 201105 from Coastal Bank & Trust in the amount of $62,000.00,
which expires on September 6, 2014, for Price Farms Plantation Subdivision.
RECOMMENDATIONS: Approve the developer's request to extend the warranty period and
accept Letter of Credit No. 201105 from Coastal Bank & Trust in the amount of $62,000.00,
which expires on September 6, 2014, for Price Farms Plantation Subdivision.
RECOMMENDED BY:
APPROVED BY:
Ernie Padgett, County Administrator