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BOARD OF COUNTY COMMISSIONERS
AGENDA REQUEST
DATE: December 4, 2012
TO: Honorable Chairman and Members of the Board
FROM: John Hofstad
SUBJECT: Mossy Oaks Plantation Phase I Subdivision Bond Extension
DEPARTMENT: Public Works
BCC DISTRICT: Three
STATEMENT OF ISSUE: The developer is requesting an extension of the maintenance bond
(Irrevocable Standby Letter of Credit No. 226) for Mossy Oaks Plantation Phase I subdivision.
BACKGROUND: Mossy Oaks Plantation Phase I subdivision was accepted by the Board to
enter into the 18-month warranty period on January 11, 2011. The Irrevocable Standby Letter of
Credit No. 226 in the amount of One Hundred Twenty Seven Thousand Dollars ($127.000.00)
was provided by the developer to serve as maintenance bond. The old letter of credit will expire
on December 14, 2012 and numerous project deficiencies have not been rectified by the
developer. The extension of the bond will give the developer additional time to correct the
project deficiencies.
As requested on November 6, 2012, the developer has extended the Irrevocable Standby Letter
of Credit No. 226. The new letter of credit expiration date is December 14, 2013.
OPTIONS: Approve/Disapprove the extension of the bond.
RECOMMENDATIONS: Approve the one year extension of Irrevocable Standby Letter of
Credit No.226.
RECOMMENDED BY:
APPROVED BY:
James D. Curry, County Administrator