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Agenda 11/13/2018 Item #16A 811/13/2018 EXECUTIVE SUMMARY Recommendation to approve a Resolution for final acceptance of the private roadway and drainage improvements, and acceptance of the plat dedications, for the final plat of Treviso Bay, Application Number AR-6434, and authorize the release of the maintenance security. OBJECTIVE: To have the Board of County Commissioners (Board) grant final acceptance of the infrastructure improvements associated with the subdivision, accept the plat dedications, and release the maintenance security. CONSIDERATIONS: 1) On February 26, 2008, the Growth Management Department granted preliminary acceptance of the roadway and drainage improvements in Treviso Bay. 2) The roadway and drainage improvements will be maintained by the project’s property owners master association and the Wentworth Estates Community Development District. 3) The required improvements have been constructed in accordance with the Land Development Code. The Growth Management Department has inspected the improvements and is recommending final acceptance of the improvements. 4) A resolution for final acceptance has been prepared and approved by the County Attorney's Office. The resolution is a requirement of Section 10.02.05 C of the Land Development Code. A copy of the document is attached. FISCAL IMPACT: The roadway and drainage improvements will be maintained by the project’s property owners' master association and the Wentworth Estates Community Development District. The existing security in the amount of $913,157.74 will be released upon Board approval. The original security in the amount of $6,895,791.52 has been reduced to the current amount based on the previous work performed and completed and pursuant to the terms of the Construction and Maintenance Agreement dated February 23, 2006. GROWTH MANAGEMENT IMPACT: There is no growth management impact associated with this action. LEGAL CONSIDERATIONS: This item has been approved as to form and legality and requires a majority vote for Board approval. - SAS RECOMMENDATION: To have the Board accept final acceptance of the roadway and drainage improvements in Treviso Bay, Application Number AR-6434, and authorize 1. The Chairman to execute the attached resolution authorizing final acceptance of the improvements, and acceptance of the plat dedications. 2. The Clerk of Courts to release of the maintenance security. Prepared By: Lucia S. Martin, Technician, Development Review 16.A.8 Packet Pg. 549 11/13/2018 ATTACHMENT(S) 1. Location Map (PDF) 2. Resolution (PDF) 3. Bond Basis (PDF) 4. Plat Map (PDF) 16.A.8 Packet Pg. 550 11/13/2018 COLLIER COUNTY Board of County Commissioners Item Number: 16.A.8 Doc ID: 6973 Item Summary: Recommendation to approve a Resolution for final acceptance of the private roadway and drainage improvements, and acceptance of the plat dedications, for the final plat of Treviso Bay, Application Number AR-6434, and authorize the release of the maintenance security. Meeting Date: 11/13/2018 Prepared by: Title: Technician – Growth Management Development Review Name: Lucia Martin 10/04/2018 2:56 PM Submitted by: Title: Project Manager, Principal – Growth Management Department Name: Matthew McLean 10/04/2018 2:56 PM Approved By: Review: Engineering & Natural Resources Jack McKenna Additional Reviewer Completed 10/04/2018 4:38 PM Growth Management Department Judy Puig Level 1 Reviewer Completed 10/05/2018 1:26 PM Growth Management Development Review Chris Scott Additional Reviewer Completed 10/05/2018 1:31 PM Growth Management Development Review Brett Rosenblum Additional Reviewer Completed 10/08/2018 4:38 PM Growth Management Operations & Regulatory Management Stephanie Amann Additional Reviewer Completed 10/09/2018 10:51 AM Growth Management Department Matthew McLean Additional Reviewer Completed 10/10/2018 11:03 AM County Attorney's Office Scott Stone Level 2 Attorney Review Completed 10/10/2018 11:08 AM Growth Management Department Thaddeus Cohen Department Head Review Completed 10/10/2018 4:31 PM Growth Management Department James C French Deputy Department Head Review Completed 10/10/2018 5:35 PM County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 10/11/2018 7:49 AM County Attorney's Office Emily Pepin CAO Preview Completed 10/11/2018 10:50 AM Office of Management and Budget Valerie Fleming Level 3 OMB Gatekeeper Review Completed 10/12/2018 2:06 PM Office of Management and Budget Allison Kearns Additional Reviewer Completed 10/22/2018 8:44 AM County Manager's Office Geoffrey Willig Level 4 County Manager Review Completed 10/31/2018 1:01 PM Board of County Commissioners MaryJo Brock Meeting Pending 11/13/2018 9:00 AM 16.A.8 Packet Pg. 551 TREVISO BAY BLVD LOCATION MAP 16.A.8.a Packet Pg. 552 Attachment: Location Map (6973 : Final Acceptance - Treviso Bay) RESOLUTION NO. 18- A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA AUTHORIZING FINAL ACCEPTANCE OF CERTAIN ROADWAY AND DRAINAGE IMPROVEMENTS IN TREVISO BAY, ACCORDING TO THE PLAT THEREOF RECORDED IN PLAT BOOK 45, PAGES 14 THROUGH 24; RELEASE OF THE MAINTENANCE SECURITY; AND ACCEPTANCE OF THE PLAT DEDICATIONS WH EREAS , the Board of County Commissioners of Collier County, Florida, on February 14 , 2006 , approved the plat ofTreviso Bay for recording; and WHEREAS, the Developer has constructed and maintained the roadway and drainage improvements in accordance with the approved plans and specifications as required by the Land Development Code (Collier County Ordinance No . 04-41 , as amended); and WH E REAS , the Developer is requesting final acceptance of the roadway and drainage improvements and release of his maintenance security ; and WHEREAS , the Development Review Division has inspected the roadway and drainage improvements , and is recommending acceptance of said facilities . NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA, that final acceptance is hereby granted for those roadway and drainage improvements in Treviso Bay, pursuant to the plat thereof recorded in Plat Book 45 , pages 14 through 24, and the Clerk is hereby authorized to release the maintenance security . BE IT FURTHER RESOLVED AND ORDERED that Collier County accept the plat dedications and that the roadway and drainage improvements within Treviso Bay will be maintained privately in the future and will not be the responsibility of Collier County . 16.A.8.b Packet Pg. 553 Attachment: Resolution (6973 : Final Acceptance - Treviso Bay) This Resolution adopted after motion, second and majority vote favoring same, this dayof ,2018. DATE: ATTEST: CRYSTAL K. KINZEL , CLERK Deputy Clerk Approved as to form and legality: BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA By: _____________ _ ANDY SOLIS, CHAIRMAN ------M '{)/~I ~~ Scott A. Stone Assistant County Attorney 16.A.8.b Packet Pg. 554 Attachment: Resolution (6973 : Final Acceptance - Treviso Bay) CONSTRUCTION AND MAINTENANCE AGREEMENT FOR SUBDIVISION IMPROVEMENTS THIS CONSTRUCTION AND MAINTENANCE AGREEMENT FOR SUBDIVISION IMPROVEMENTS entered into this day of feb , 2006 between Treviso Bay Development, LLC, a Delaware limited liability company, VK Holdings Treviso Bay Golf Course, LLC, a Florida limited liability company, and VK Holdings Treviso Bay Commercial, LLC, a Florida limited liability company (Treviso Bay Development, LLC, VK Holdings Treviso Bay Golf Course, LLC, and VK Holdings Treviso Bay Commercial, LLC shall hereinafter be referred to collectively as "Developer") and the Board of County Commissioners of Collier County, Florida, hereinafter referred to as the "Board." RECITALS: Developer has, simultaneously with the delivery of this Agreement, applied for the approval by the Board of a certain plat of a subdivision to be known as Treviso Bay A. Section 10.02.04 of the Collier County Land Development Code requires the Developer to post appropriate guarantees for the construction of the improvements required by said subdivision regulations, said guarantees to be incorporated in a bonded agreement for the construction of the required improvements. B. NOW, THEREFORE, in consideration of the foregoing premises and mutual covenants hereinafter set forth, Developer and the Board do hereby covenant and agree as follows: Developer will cause to be constructed:1. All improvements to be constructed in accordance with the Plans and Plat Review previously submitted for Treviso Bay and the Final Subdivision Plans for Treviso Bay in Phase 1 of Treviso Bay, including but not limited to the following: Site Clearing Grubbing Earthwork Lake Excavation for Surface Water Management System Perimeter Berm Construction Sanitary7 Sewer Installation Storm Sewer Installation Water Main Installation Road Construction Re-vegetation within eighteen (18) months from the date of approval of said subdivision plat, said improvements hereinafter referred to as the required improvements. Developer herewith tenders its subdivision performance security (attached hereto as Exhibit "A" and by reference made a part hereof) in the amount of 2. 16.A.8.c Packet Pg. 555 Attachment: Bond Basis (6973 : Final Acceptance - Treviso Bay) $6,895,791.52, which amount represents 10% of the total contract cost to complete construction plus 100% of the estimate cost of to complete the required improvements at the date of this Agreement. In the event of default by the Developer or failure of the Developer to complete such improvements within the time required by the Land Development Code, Collier County may call upon the subdivision performance security to insure satisfactory completion of the required improvements. 3. The required improvements shall not be considered complete until a statement of substantial completion by Developer's engineer along with the final project records have been furnished for review and approval by the Development Services Director for compliance with the Collier County Land Development Code. 4. The Development Services Director shall, within sixty (60) days of receipt of the statement of substantial completion, either: a) notify the Developer in writing of his preliminary approval of the improvements; or b) notify the Developer in writing of his refusal to approve improvements, therewith specifying those conditions which the Developer must fulfill in order to obtain the Director's approval of the improvements. However, in no event shall the Development Services Director refuse preliminary approval of the improvements if they are in fact constructed and submitted for approval in accordance with the requirements of this Agreement. 5. The Developer shall maintain all required improvements for a minimum period of one year after preliminary approval by the Development Services Director. After the one year maintenance period by the Developer has terminated, the Developer shall petition the Development Services Director to inspect the required improvements. The Development Services Director or his designee shall inspect the improvements and, if found to be still in compliance with the Collier County Land Development Code as reflected by final approval by the Board, the Board shall release the remaining 10% of the subdivision performance security. The Developer's responsibility for maintenance of the required improvements shall continue unless or until the Board accepts maintenance responsibility for and by the County. 6. Six (6) months after the execution of this Agreement, and once within every six (6) months thereafter, the Developer may request the Development Services Director to reduce the dollar amount of the subdivision performance security on the basis of work complete, Each request for a reduction in the dollar amount of the subdivision performance security shall be accompanied by a statement of substantial completion by the Developer's engineer together with the project records necessary for review by the Development Services Director. The Development Services Director may grant the request for a reduction in the amount of the subdivision performance security for the improvements completed as of the date of the request. 7. 16.A.8.c Packet Pg. 556 Attachment: Bond Basis (6973 : Final Acceptance - Treviso Bay) In the event the Developer shall fail or neglect to fulfill its obligations under this Agreement, and upon certification of such failure, the County Administrator may call upon the subdivision performance security to secure satisfactory completion, repair and maintenance of the required improvements. The Board shall have the right to construct and maintain, or cause to be constructed or maintained, pursuant to public advertisement and receipt and acceptance of bids, the improvements required herein. The Developer, as principal under the subdivision performance security, shall be liable to pay and to indemnify the Board, upon completion of such construction, the final total cost to the Board thereof, including, but not limited to, engineering, legal and contingent costs, together with any damages, either direct or consequential, which the Board may sustain on account of the failure of the Developer to fulfill all of the provisions of this Agreement. 8. All of the terms, covenants and conditions herein contained are and shall be binding upon the Developer and the respective successors and assigns of the Developer. 9. IN WITNESS WHEREOF, the parties have executed this Agreement the day first above written. Treviso Bay Development, LLC T5f. . u-c rts.Witnesses: BY: Sanj ay'Kuttemperoor, Vice President(Printed Name) (Printed Name) ^ ^ Witnesses: VK Holdings Treviso Bay Golf Course, LLC Cj\2-*V (Printed Name) vj Eaoi KsK (Printed Name) ^ BY:*-7-> Sanjay Kuttemperoor, Vice President Witnesses: C \ l VK Holdings Treviso Bay Commercial, LLCcup-rs (Printed Name) BY: Sanjay Kuttemperoor, Vice PresidentEftgKsV* 16.A.8.c Packet Pg. 557 Attachment: Bond Basis (6973 : Final Acceptance - Treviso Bay) (Printed-N^-^,. />;>*.......Vv,ATTj^T: DWI©HT..%BROCK, CLERK Att Q Mk<\n.6c. ^P^a#fp^1n»an', Approv^^*Q'5o?man(3legal sufficiency: BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDAV i,c: Vi ft v isStbelpedio, ENT). NT COUNTY ATTORN JENNIFER ASSISTANT COUNTY ATT EY 16.A.8.c Packet Pg. 558 Attachment: Bond Basis (6973 : Final Acceptance - Treviso Bay) WACHOVIA IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER SM214809W = = = == = == == = = = = LETTER OF CREDIT AMOUNT ISSUE DATE EXPIRY DATE 07/18/05 01/31/07USD6,895,791.52 ======= = = = = BENEFICIARY: BOARD OF COLLIER COUNTY COMMISSIONERS C/O ENGINEERING REVIEW SECTION 2800 N. HORSESHOE DRIVE NAPLES, FLORIDA 34104''' APPLICANT: TREVISO BAY DEVELOPMENT, LLC; VK HOLDINGS TREVISO BAY GOLF COURSE, LLC; AND VK HOLDINGS TREVISO BAY COMMERCIAL, LLC 19275 W. CAPITOL DRIVE STE 100 BROOKFIELD, WI 53045 - WE HEREBY OPEN OUR IRREVOCABLE STANDBY LETTER OF CREDIT IN YOUR FAVOR FOR THE ACCOUNT OF THE ABOVE REFERENCED APPLICANT IN THE AGGREGATE AMOUNT OF SIX MILLION EIGHT HUNDRED NINETY FIVE THOUSAND SEVEN HUNDRED NINETY ONE AND 52/100 USD ($6,895,791.52) WHICH IS AVAILABLE BY PAYMENT WHEN ACCOMPANIED BY THE FOLLOW ING DOCUMENTS : .... ... „ . ,,, 1. A DRAFT AT SIGHT DRAWN ON WACHOVIA BANK, NATIONAL ASSOCIATION, DULY ENDORSED ON ITS REVERSE SIDE THEREOF BY THE BENEFICIARY, SPECIFICALLY REFERENCING THIS LETTER OF CREDIT NUMBER. 2. THE ORIGINAL LETTER OF CREDIT AND ANY AMENDMENTS ATTACHED THERETO. 3. A DATED STATEMENT ISSUED ON THE LETTERHEAD OF THE BENEFICIARY AND PURPORTEDLY SIGNED BY AN AUTHORIZED REPRESENTATIVE STATING THAT: TREVISO BAY DEVELOPMENT, LLC; VK HOLDINGS TREVISO BAY GOLF COURSE, LLC; AND VK HOLDINGS TREVISO BAY COMMERCIAL, LLC HAS FAILED TO CONSTRUCT AND/OR MAINTAIN THE IMPROVEMENTS ASSOCIATED WITH THAT CERTAIN PLAT OF A SUBDIVISION KNOWN AS TREVISO BAY OR A FINAL INSPECTION SATISFACTORY TO COLLIER COUNTY HAS BEEN PERFORMED PRIOR TO THE DATE OF EXPIRY, AND SATISFACTORY ALTERNATE PERFORMANCE SECURITY HAS NOT BEEN PROVIDED TO AND FORMALLY ACCEPTED BY THE BENEFICIARY. WE THEREFORE DEMAND PAYMENT IN THE AMOUNT OF (INSERT AMOUNT) AS SAME IS DUE AND OWING. THIS IRREVOCABLE LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OUR UNDERTAKING.THIS UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED, AMENDED, AMPLIFIED OR INCORPORATED BY REFERENCE TO ANY DOCUMENT, CONTRACT, AGREEMENT REFERENCED TO HEREIN-.,. -V ■ , WE HEREBY AGREE WITH YOU THAT DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS CREDIT SHALL BE DULY HONORED IF PRESENTED TOGETHER WITH DOCUMENT(S) AS SPECIFIED AT OUR OFFICE LOCATED AT 401 LINDEN STREET WINSTON-SALEM, NC;; 27101, THE ABOVE STATED EXPIRY DATE, OR ANY EXTENDED EXPIRY DATE IF APPLICABLE. r ATTENTION: STANDBY LETTERS OF CREDIT ON OR BEFORE CONTINUED ON NEXT PAGE WHICH FORMS AN INTEGRAL- PART OF THIS LETTER OF CREDIT 16.A.8.c Packet Pg. 559 Attachment: Bond Basis (6973 : Final Acceptance - Treviso Bay) WACHOVIA IRREVOCABLE STANDBY LETTER OF CREDIT NO.r SM214809W PAGE NO. 2.07/18/05 1!IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY EXTENDED WITHOUT WRITTEN AMENDMENT FOR ONE YEAR FROM THE PRESENT OR ANY FUTURE EXPIRY DATE UNLESS AT LEAST SIXTY (60) DAYS PRIOR TO SUCH EXPIRATION DATE, WE SEND THE BENEFICIARY NOTICE BY REGISTERED MAIL/COURIER THAT WE ELECT NOT TO EXTEND THIS LETTER OF CREDIT BEYOND THE INITIAL EXPIRY DATE OR ANY EXTENDED DATE , THEREOF<•/ - IV- DRAFT(S) DRAWN UNDER THIS CREDIT MUST SPECIFICALLY REFERENCE OUR CREDIT NUMBER. S THIS LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDIT"(1993 REVISION) THE INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500. i XPR,SINCERELY ;:W'y ":.Xi -.Ax v.;x % % fc *?' lL y y:--? %*.ORIZED SIGNATUREA' '* -. £' MSECM PLEASE DIRECT ANY CORRESPONDENCE INCLUDING DRAWING OR INQUIRY QUOTING OUR ili-ix ... . .-.v- y.y ■ : & * 5 1 /, ' % i 82 f: I 1 WACHOVIA BANK, NATIONAL ASSOCIATION 401 LINDEN STREET WINSTON-SALEM, ■ - ■ iREFERENCE NUMBER TO:* ..v -: :y ■ :: .v/NORTH CAROLINA 27101 OUR CUSTOMER CARE PHONE NUMBER FOR ANY QUERIES IS 800-776-3862 OUR FAX NUMBER IS 336-735-0950 ' I r ■ v •i s ■ .: .Vi :-#y :.:x:: vi?K:l. is?■3m s < ’ • <&< X-i- ?.Sx & » SM’> %.'v.?y::- 1 :x<s|X;"XX> X-:% :-fi- S' <P: '2? * iT % -Vi • nt * •. ¥• ¥ Bxx>: HZ xi iXv•x.x;,,:.,:- • ••• &v.v?" is 4 it %■*/: v-y-:;Hyyy I & *'%vx W"VS3 ym, I D y.:. •yy:.-:5 3 16.A.8.c Packet Pg. 560 Attachment: Bond Basis (6973 : Final Acceptance - Treviso Bay) WACHOVIA AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT 08/16/05 3ENEFICIARY: BOARD OF COLLIER COUNTY COMMISSIONERS C/O ENGINEERING REVIEW SECTION 2800 N. HORSESHOE DRIVE NAPLES, FLORIDA 34104 LETTER OF CREDIT NO. SM214809W CURRENT BALANCE:USD6,895,791.52 GENTLEMEN: WE AMEND OUR ABOVE REFERENCED LETTER OF CREDIT ISSUED IN YOUR FAVOR FOR THE ACCOUNT OF TREVISO BAY DEVELOPMENT LLC; VK HOLDINGS TREVISO BAY GOLF COURSE, LLC; AND VK HOLDINGS TREVISO BAY COMMERCIAL, LLC AS FOLLOWS: Sy,. if.'. -DOCUMENTS MAY NOW BE PRESENTED AT EITHER OF OUR FOLLOWING LOCATIONS: HiSTANDBY L/C DEPT 401 LINDEN STREET WINSTON-SALEM, N.C/:27101 INTERNATIONAL DIVISION / 200 S. BISCAYNE BOULEVARD MIAMI, FLORIDA 33131 iff'•f: SHOULD THE BENEFICIARY CHOOSE TO PRESENT AT THE MIAMI ADDRESS THEY MUST ALSO FAX THE DRAWING. DOCUMENTS. TO 336-735-0950 THE SAME DAY.. | s ' : ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. ~i. •*»" ALL PHONE INQUIRES REGARDING THIS CREDIT SHOULD BE DIRECTED TO OUR STANDBY CUSTOMER CARE PROFESSIONALS AT : 1-800-776-3862. THIS LETTER IS TO BE ATTACHED TO AND TO BECOME AN INTEGRAL PART OF THE ORIGINAL CREDIT INSTRUMENT. sincerel: SHARON PEACE AUTHORIZED SIGNATURE WACHOVIA BANK, NATIONAL ASSOCIATION EV01 GS > *T 5 16.A.8.c Packet Pg. 561 Attachment: Bond Basis (6973 : Final Acceptance - Treviso Bay) March 7, 2008 Wachovia Bank NA Standby Letters of Credit 401 Linden Street Winston - Salem, NC. 27101 RE: Letter of Credit No. SM214809W / Treviso Bay Development / VK Holdings Treviso Bay Dear Sir or Madam: Please be advised that based on the work completed to date, the subject Letter of Credit may now be reduced by $5,982,633.78, leaving an available balance of $913,157.74. The remaining balance represents the required 10% maintenance security of $626,890.14, plus 100% of the work remaining to be completed, $286,267.60. An original Amendment should be directed to this office reducing the value of the Credit, “all other terms and conditions of original Letter of Credit to remain in full force and effect” Sincerely, John R. Houldsworth Senior Engineer Cc: Stan Chrzanowski, P.E., County Engineer Reading File Johnson Engineering 16.A.8.c Packet Pg. 562 Attachment: Bond Basis (6973 : Final Acceptance - Treviso Bay) WACHOVIA AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT 03/11/08 BENEFICIARY: BOARD OF COLLIER COUNTY COMMISSIONERS C/O ENGINEERING REVIEW. SECTION ■2 8 00 N. HORSESHOE DRIVE NAPLES, FLORIDA 34104 LETTER OF CREDIT NO. SM214809W GENTLEMEN: WE AMEND OUR ABOVE REFERENCED LETTER OF CREDIT ISSUED IN YOUR FAVOR FOR THE ACCOUNT OF TREVISO BAY DEVELOPMENT LLC; VK HOLDINGS TREVISO BAY GOLF COURSE/ LLC; AND VK HOLDINGS TREVISO BAY COMMERCIAL, LLC AS FOLLOWS: PLEASE BE ADVISED THAT: THE BENEFICIARY HAS NOTIFIED US DIRECTLY THAT THEY ME AUTHORIZING: A REDUCTION TO THE AMOUNT OF THIS CREDIT. WE HAVE THEIR WRITTEN AGREEMENT IN OUR FILES. THIS CREDIT IS NOW REDUCED IN THE AMOUNT OF USD 5,982,633.78 TO A TOTAL OF USD 913,157.74. ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. THIS LETTER IS TO BE ATTACHED TO AND TO BECOME AN INTEGRAL.PART OF THE ORIGINAL CREDIT INSTRUMENT SINCER^/T AUTHORIZED SIGNATURE WACHOVIA BANK, NATIONAL ASSOCIATION STANDBY LETTER OF CREDIT CENTER OF EXCELLENCE EV04 ANG THE ORIGINAL OF THIS LETTER OF CREDIT AMENDMENT CONTAINS AN EMBOSSED SEAL OVER THE AUTHORIZED SIGNATURE. PLEASE DIRECT ANY CORRESPONDENCE OR INQUIRY QUOTING OUR REFERENCE NUMBER TO: WACHOVIA BANK, NATIONAL ASSOCIATION . 401 LINDEN STREET, MAIL CODE NC6034 WINSTON SALEM, n NORTH CAROLINA 27101 ALL INQUIRIES REGARDING THIS CREDIT SHOULD BE DIRECTED TO OUR STANDBY CUSTOMER CARE PROFESSIONALS AT 1-800-776-3862, OPTION 2. 16.A.8.c Packet Pg. 563 Attachment: Bond Basis (6973 : Final Acceptance - Treviso Bay) 4 ENGINEERING REVIEW DEPARTMENT MEMORANDUM TO:Trish Morgan Clerk to the Board FROM: John R. Houldsworth Senior Site Plans Reviewer Treviso Bay Letter of Credit No. SM214809W / Wells Fargo DATE: January 23, 2012 RE:ft ^ i r\ Attached please find Original REPLACEMENT Letters of Credit. Please keep these Replacements until such time as the Board authorizes their release. New No. FGAC- _11060. Please let me know when the existing Letters of Credit are available and I will see that they are returned to the developer. If you have any questions, please let me know. Released by: Returned to: JRH 16.A.8.c Packet Pg. 564 Attachment: Bond Basis (6973 : Final Acceptance - Treviso Bay) FIDELITY GUARANTY AND ACCEPTANCE CORP.P700 NW 107 AVENUE MIAMI, FLORIDA 33172 PHONE (305)553-8724 SUITE 240 IRREVOCABLE STANDBY LETTER OF CREDIT NO. FGAC-11060 ISSUER: . FIDELITY GUARANTY AND ACCEPTANCE CORP. (HEREINAFTER “ISSUER”) DATE OF ISSUE: DECEMBER 21, 2011 PLACE OF EXPIRY: AT ISSUER’S COUNTERS LOCATED AT 700 NW 107 AVE, SUITE 240 MIAMI, FLORIDA 33172 DATE OF EXPIRY: THIS CREDIT SHALL BE VALID UNTIL DECEMBER 21, 2012 AND SHALL THEREAFTER BE AUTOMATICALLY RENEWED FOR SUCCESSIVE ONE-YEAR PERIODS ON THE ANNIVERSARY OF ITS ISSUE, UNLESS AT LEAST SIXTY (60) DAYS PRIOR TO ANY SUCH ANNIVERSARY DATE, THE ISSUER NOTIFIES THE BENEFICIARY IN WRITING BY REGISTERED MAIL, OVERNIGHT MAIL OR COURIER THAT THE ISSUER ELECTS NOT TO SO RENEW THIS CREDIT. LENNAR HOMES, LLC. (HEREINAFTER “PURCHASER”) 10481 SIX MILE CYPRESS PARKWAY FORT MYERS, FLORIDA 33966 APPLICANT: BENEFICIARY: BOARD OF COUNTY COMMISSIONERS, COLLIER COUNTY, FLORIDA (HEREINAFTER “BENEFICIARY”) 2800 NORTH HORSESHOE DRIVE NAPLES, FL 34104 UP TO AN AGGREGATE AMOUNT OF $913,157.74 (NINE HUNDRED THIRTEEN THOUSAND ONE HUNDRED FIFTY SEVEN AND 74/100 US DOLLARS) AMOUNT: TREVISO BAYRE: CREDIT AVAILABLE WITH: ISSUER PAYMENT AGAINST DOCUMENTS DETAILED HEREIN AND BENEFICIARY’S DRAFTS AT SIGHT DRAWN ON THE ISSUER. BY: DOCUMENTS REQUIRED: AVAILABLE BY BENEFICIARY’S DRAFT(S) AT SIGHT DRAWN ON THE ISSUER AND PRESENTED AT PLACE OF EXPIRY ACCOMPANIED BY BENEFICIARY’S STATEMENT PURPORTEDLY MANUALLY SIGNED AND DATED BY THE COUNTY MANAGER, CERTIFYING THAT: A. “(I) PURCHASER HAS FAILED TO CONSTRUCT AND/OR MAINTAIN THE SITE IMPROVEMENTS ASSOCIATED WITH THE CONSTRUCTION AND MAINTENANCE AGREEMENT FOR SUBDIVISION IMPROVEMENTS DATED SEPTEMBER 27, 2006 BETWEEN TREVISO BAY DEVELOPMENT, LLC AND THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA; (II) PURCHASER HAS BEEN GIVEN WRITTEN NOTICE DESCRIBING THE EVENT OR CONDITION OF SUCH DEFAULT IN REASONABLE DETAIL BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED; AND (III) THE DEFAULT HAS NOT BEEN CURED WITHIN THE CURE PERIOD PROVIDED FOR THEREIN, IF ANY;” OR B. “A FINAL INSPECTION SATISFACTORY TO COLLIER COUNTY HAS NOT BEEN PERFORMED PRIOR TO THE DATE OF EXPIRY, AND SATISFACTORY ALTERNATIVE PERFORMANCE SECURITY HAS NOT BEEN PROVIDED TO AND FORMALLY ACCEPTED BY THE BENEFICIARY.” DRAFT(S) DRAWN UNDER THIS LETTER OF CREDIT SHALL BE MARKED: “DRAWN UNDER FIDELITY GUARANTY AND ACCEPTANCE CORP. CREDIT NO. FGAC-11060, DATED DECEMBER 21, 2011” AND MUST BE ACCOMPANIED BY THIS ORIGINAL LETTER OF CREDIT AND ALL SUBSEQUENT ORIGINAL AMENDMENTS, IF ANY, FOR PROPER ENDORSEMENT. THIS LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF THE ISSUER’S UNDERTAKING, AND SUCH UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED, AMENDED, OR AMPLIFIED BY REFERENCE TO ANY DOCUMENT, INSTRUMENT, OR AGREEMENT REFERENCED TO HEREIN OR IN WHICH THIS LETTER OF CREDIT RELATES, AND ANY SUCH REFERENCE SHALL NOT BE DEEMED TO INCORPORATE HEREIN BY REFERENCE ANY DOCUMENT, INSTRUMENT OR AGREEMENT. 16.A.8.c Packet Pg. 565 Attachment: Bond Basis (6973 : Final Acceptance - Treviso Bay) FIDELITY GUARANTY AND ACCEPTANCE CORP.PSUITE 240700 NW 107 AVENUE MIAMI, FLORIDA 33172 PHONE (305)553-8724 \ PAGE 2THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NO. FGAC-11060 ISSUER HEREBY ENGAGES WITH BENEFICIARY THAT DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED BY ISSUER IF PRESENTED WITHIN THE VALIDITY OF THIS CREDIT TOGETHER WITH THE DOCUMENTS REQUIRED HEREIN AT THE PLACE OF EXPIRY PRIOR TO 4:00 P.M. EST. ON OR PRIOR TO THE DATE OF EXPIRY. THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (2007 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 600. FIDELITY GUARANTY AND ACCEPTANCE CORP. i r\ DIANE BESSETTE, TREASURER 16.A.8.c Packet Pg. 566 Attachment: Bond Basis (6973 : Final Acceptance - Treviso Bay) 16.A.8.d Packet Pg. 567 Attachment: Plat Map (6973 : Final Acceptance - Treviso Bay) 16.A.8.d Packet Pg. 568 Attachment: Plat Map (6973 : Final Acceptance - Treviso Bay) 16.A.8.d Packet Pg. 569 Attachment: Plat Map (6973 : Final Acceptance - Treviso Bay) 16.A.8.d Packet Pg. 570 Attachment: Plat Map (6973 : Final Acceptance - Treviso Bay) 16.A.8.d Packet Pg. 571 Attachment: Plat Map (6973 : Final Acceptance - Treviso Bay) 16.A.8.d Packet Pg. 572 Attachment: Plat Map (6973 : Final Acceptance - Treviso Bay) 16.A.8.d Packet Pg. 573 Attachment: Plat Map (6973 : Final Acceptance - Treviso Bay) 16.A.8.d Packet Pg. 574 Attachment: Plat Map (6973 : Final Acceptance - Treviso Bay) 16.A.8.d Packet Pg. 575 Attachment: Plat Map (6973 : Final Acceptance - Treviso Bay) 16.A.8.d Packet Pg. 576 Attachment: Plat Map (6973 : Final Acceptance - Treviso Bay) 16.A.8.d Packet Pg. 577 Attachment: Plat Map (6973 : Final Acceptance - Treviso Bay)