Agenda 06/10/2014 Item #16A 5 6/10/2014 16.A.5.
EXECUTIVE SUMMARY
Recommendation to authorize the Clerk of Courts to release an Irrevocable Standby Letter of
Credit in the amount of$212,000 which was posted as a development guaranty for work associated
with Ponte Realto,Early Work Authorization (EWA)PL20140000018.
OBJECTIVE: To release a security which was posted as a development guaranty.
CONSIDERATIONS: Engineering Services routinely accepts securities administratively as
guaranties for developer commitments. This security was provided in association of an Early
Work Authorization which was issued pursuant to Section 10.01.02 B of the Collier County
Land Development Code. The work associated with this security has been inspected and the
developer has fulfilled his commitments with respect to this security. The subject security was
provided for work associated with a planned residential project. The Letter of Credit was posted
as security for clearing and site filling in advance of the final subdivision approval for the Ponte
Realto project. On April 22, 2014, the Board of County Commissioners approved the final plat
and construction plans for Ponte Realto. Once the construction plans and plat for this project are
approved,the security is no longer required. The construction plans include approval for clearing
and site filling.
FISCAL IMPACT: There is no fiscal impact associated with this Executive Summary.
LEGAL CONSIDERATIONS: This item has been approved as to form and legality, and
requires a majority vote for Board approval. -SAS
GROWTH MANAGEMENT IMPACT: There is no growth management impact associated
with this Executive Summary.
RECOMMENDATION: That the Board of County Commissioners (Board) authorize the
Clerk of Courts to release Letter of Credit No. FGAC-14018 in the amount of $212,000.00.
Engineering Services will issue a Memorandum to the Clerk of Courts upon approval of this item
by the Board, advising the Clerk of this action.
Prepared by: John Houldsworth, Senior Site Plans Reviewer, Engineering Services / Growth
Management Division,Planning and Regulation
Attachment: 1)Copy of Letter of Credit
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6/10/2014 16.A.5.
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.A.6
Item Summary: Recommendation to authorize the Clerk of Courts to release an Irrevocable
Standby Letter of Credit in the amount of$212,000 which was posted as a development guaranty for
work associated with Ponte Realto,Early Work Authorization(EWA)PL20140000018.
Meeting Date: 6/10/2014
Prepared By
Name: houldsworthj
Title: Site Plans Reviewer, Senior,Natural Resources
Approved By
Name: puig_j
Title: Operations Analyst, Community Development&Environmental Services
Date: 05/20/2014 10:07:21 AM
Name: puig_j
Title: Operations Analyst, Community Development&Environmental Services
Date: 05/20/2014 10:07:51 AM
Name: JackMcKenna
Title:Manager-Engineering Review Services,Engineering&Environmental Services
Date: 05/21/2014 10:17:20 AM
Name: scottstone
Title: Assistant County Attorney, CAO Land Use/Transportation
Date: 05/21/2014 03:43:39 PM
Name: marcellajeanne
Title: Executive Secretary, Transportation Planning
Date: 05/28/2014 07:59:53 AM
Name: markisackson
Title: Director-Corp Financial and Mngmt Svs, Office of Management&Budget
Date: 05/28/2014 09:03:24 AM
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6/10/2014 16.A.5.
Name: klatzkowjeff
Title: County Attorney,
Date: 05/28/2014 03:47:16 PM
Name: ochs_l
Title: County Manager, County Managers Office
Date: 05/29/2014 03:37:16 PM
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6/10/2014 16.A.5.
FIDELITY- GUARANTY AND ACCEPTANCE
'CO . _ .
700 NW 107 AVENUE — SUITE 240
MIAMI ,' FLORIDA 33172 u..
--'`P`H N (3'0'S'') 553-`87:24 . �
• ±.,,. •1`pi', a •4 .ttt, . :Of t za, 'r:,,i,a. , `Y a t i _:C6a:�vtAP1Qa3 F,OR
"_I •r,:7:i ,i77ANITY AP.If a..,' d rA)41:1:.COP," 'IDE;rIN yA.•(".{lWTii't3.."F....f 3(Bf`'.
IRREVOCABLE,STANDBY LETTER,O1 CREDITNO.,.FGAC 140J8 ,r,r : tsix . ,_ , a.u,r r:i7r: «r:t,F€r:t:al ,:Olt
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ISSUER: FIDELITY GUARANTY AND ACCEPTANCE CORD (HEREINAFTER"iSSUEW')
700 NW 107 AVENUE,SUITE 240 t.., f.: r,,a:,t•
1v4IAMI, FLORIDA 33172 trt ss; ,r �,.:.t4r,y,rr-„,,ta
PHONE(305)553-8724
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DATE-OF ISSUE:• .JANUARY 29,,-014 v 4,tf, c ,,r ,;1Ct ..,r ,u-r tor.-A NDACC€ AN,,.CORP
PLACE OF EXPIRY; AT ISSUER'S COUNTERS LOCATED AT 700 NW 107 AVE,,SUITE 240
MIAMI,FLORIDA 33172
DATE OF EXPIRY:* TI-11S CREDIT SHALL BE VALID ''UNTIL` JANUARY'. 2 . 2015,•,AND'`"SH'AL7:' "its
THEREAFTER BE AUTOMATICALLY RENEWED FOR. SUCCESSIVE.'ONE-YEA'R ma:t -ri..j .• 4 `
PERIODS ON.THE ANNIVERSARY OF.THE.ISSUE UNLESS=AT LEAST SIXTY..(60);-toci.-„r,rt
DAYS PRIOR TO ANY SUCH ANNIVERSARY DATE. THE ISSUER NOTIFIES;THE„cet-.r7::w,r .w•r
BENEFICIARY IN WRITING BY REGISTERED MAIL,THAT•THE ISSUER
NOT TO.RENEWTHIS CREDIT. ...., r:;;frdt, .co4+
APPLICANT: LENNAR HOMES,LLC`(HEREINAFTER"DEVELOPER") ` tr„ r.>�, `aS ] x,tisse4i-=G.)!?t'
10481 SIX MILE CYPRESS.'PARK'WAY,_• . ,: 1"r''':1t11-‘c>s;f “'"IY144"vrs_Er^rA-NCB :at.
FORT NWF.RS,FLORIDA 33966
BENEFICIARY,: THE BOARD OF COUNTY COMMISSIONERS,COLLIER COUNTY,FLORIDA: „., ,, ,t:o 1w441;:i:c:rto-rr;
(HEREINAFTER",BENEFICIARY") ;=a,
C/O ENGINEERING REVIEW SERVICES : r x .za z,:c: . ;,
2800 NORTH HORSESHOE DRIVE
NAPLES,FL 34104 i. hlCt.r"C7!,r
AMOUNT: UP TO AN AGGREGATE AMOUNT OF $212.000.00 (TWO HUNDRED- TWELVE
THOUSAND AND 00/100 US DOLLARS)
RE: TREVISO BAY(REVEGETATION)
. EWA NAME:1'ONTE RIALTO : PL#:PL20140000018; .
CREDIT AVAILABLE z�
WITH ISSUER
BY: PAYMENT AGAINST DOCUMENTS _DETAILED HEREIN AND BENEFICIARY'S
DRAFTS AT SIGHT DRAWN ON THE ISSUER: s
DOCUMENTS REQUIRED; AVAILABLE BY BENEFICIARY'S DRAFT(S) AT SIGHT DRAWN ON THE ISSUER
AND PRESENTED AT PLACE OF EXPIRY ACCOMPANIED BY BE■EFICIARY'S STATEMENT PURPORTEDLY
MANUALLY SIGNED AND DATED BY THE COUNTY MANAGER,CERTIFYING THAT:
A. (I)"DEVELOPER HAS FAILED TO COMPLETE THE REVEGETATION FOR TREVISO BAY AS REQUIRED
BY COLLIER COUNTY ORDINANCES AND RESOLUTIONS (THE "LAND DEVELOPMENT .•
REGULATIONS"); (II) DEVELOPER HAS BEEN GIVEN WRITTEN.NOTICE DESCRIBING THE EVENT.O1Z
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 OF THE SUBDIVISION IMPROVEMENTS FOR TREVISO BAY AS REQUIRED.BY :,-,�+-a,e , `_();r,
COLLIER COUNTY ORDINANCES AND RESOLUTIONS (THE"LAND DEVELOPMENT REGULATIONS")
SATISFACTORY TO COLLIER COUNTY HAS,NOT BEEN PERFORMED:PRIOR TO THE DATE OF EXPIRY, t.,;44.1,ax
•• ■ , .• AND A SATISFACTORY ALTERNATIVE PERFORMANCE SECURITY 1-lAS NOT BEEN P 2QYIpED T'Q t,{: c:01r,
AND.ACCEPTED BY THE BENEFICIARY." . r .,.;. `s..r=x:h tzrvr4i,rtt•r .. ,,,t ..t:a
. . . . ,_._ ,:. .;r y.. u:. .,;° - ,;7t` ..<. „'tc., ':;AE,,_,i�,tF tr„4e: '•;c* t
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6/10/2014 16.A.5.
FIDELITY GUARANTY AND ACCEPTANCE
CC3l . .
700 NW 107 AVENUE — SUITE 240
MIAMI , FLORIDA 33172
PHONE (305) 553- 8724
THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NO.FGAC-1401& PAGE 2
DRAFT(S) DRAWN UNDER THIS;LETTER OF CREDIT SHALL.BE M\RKED: "DRAWN UNDER FIDELITY
GUARANTY AND,ACCEPTANCE,CORP.. CREDIT NO. FGAC-14018, DATED JANUARY 29, 2014". AND MUST
BE ACCOMPANIED BY THIS ORIGINAL LETTER OF CREDIT AND ALL 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, TNSTRUMENT, OR AGREEMENT REFERENCED TO HEREIN OR IN WHICH THIS LETTER "
OF CREDIT RELATES, AND ANY SUCH REFERENCE SHALL NOT BE DEEMED TO INCORPORATE HEREIN _. JS ,c:ow
BY REFERENCE ANY DOCUMENT,INSTRUMENT OR AGREEMENT. e: • APuiktz I},3s,) vo+tf'
t � ( ) '.,* E T•tJ,�:
ISSUER HEREBY ENGAGES WITH BENEFICIARY THAT DRAFT(S) DRAWN UNDER AND IN COMI L1ANC
WITH. THE TERMS AND CONDITIONS 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"OFEXPIRY.THIS`'CREDIT'[S SUBJECT'TO"THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS'
(2007 REVISION)INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO.600. i Crr•t.'a..F
FIDELITY GUARANTY AND ACCEPTANCE CORP. - ,,t410.4
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JACQUE D' SOUZA. ICE PRESIDENT /' 1
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