Agenda 06/24/2014 Item #16A106/24/2014 16.A.10.
EXECUTIVE SUMMARY
Recommendation to authorize the Clerk of Courts to release an Irrevocable Standby Letter of
Credit No. FGAC -13071 in the amount of $113,320 which was posted as a guaranty for Excavation
Permit Number 59.917 -2, (PL20120002425) for work associated with Bella Firenze at Treviso Bay.
OBJECTIVE: To release a security which was posted as a development guaranty.
CONSIDERATIONS: Engineering Services routinely accepts securities administratively as
guaranties for developer commitments in accordance with Section 22 -115 of the Collier County
Code of Ordinances. 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 within the Wentworth Estates
PUD, Ord. 13 -45, as amended. The Letter of Credit was posted as security for an Excavation
Permit associated with Bella Firenze (PL20120002425), which is a single family subdivision
within the PUD. The As -Built lake cross sections have been received and the lakes have been
inspected by Engineering Services.
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 authorizes the Clerk of
Courts to release Letter of Credit No. FGAC -13071 in the amount of $113,320.00 which had
been provided as security for an Early Work Authorization (PL20120002425). Engineering
Services will issue a memorandum to the Clerk of Courts upon approval of this item by the
Board of County Commissioners, advising the Clerk of this action.
Prepared by: John Houldsworth, Senior Site Plans Reviewer, Engineering Services, GrolAlth
Management Division, Planning and Regulation
Attachment: l) Copy of Letter of Credit
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6/24/2014 16.A.10.
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.16.A.16.A.10.
Item Summary: Recommendation to authorize the Clerk of Courts to release an
Irrevocable Standby Letter of Credit No. FGAC -13071 in the amount of $113,320 which was
posted as a guaranty for Excavation Permit Number 59.917 -2, (PL20120002425) for work
associated with Bella Firenze at Treviso Bay.
Meeting Date: 6/24/2014
Prepared By
Name: HouldsworthJohn
Title: Site Plans Reviewer, Senior, Natural Resources
5/27/2014 11:32:14 AM
Approved By
Name: PuigJudy
Title: Operations Analyst, Community Development & Environmental Services
Date: 5/28/2014 2:37:49 PM
Name: StoneScott
Title: Assistant County Attorney, CAO Land Use/Transportation
Date: 5/29/2014 8:34:43 AM
Name: MarcellaJeanne
Title: Executive Secretary, Transportation Planning
Date: 6/10/2014 11:10:29 AM
Name: StoneScott
Title: Assistant County Attorney, CAO Land Use/Transportation
Date: 6/10/2014 3:00:34 PM
Name: IsacksonMark
Title: Director -Corp Financial and Mngmt Svs, Office of Management & Budget
Date: 6/12/2014 2:38:23 PM
Name: KlatzkowJeff
Title: County Attorney,
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Date: 6/13/2014 11:28:17 AM
6/24/2014 16.A.10.
Name: OchsLeo
Title: County Manager, County Managers Office
Date: 6/16/2014 10:30:20 AM
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FIDELITY GUARANTY AND ACCEPTANCE C16/24/201416.A.10.
700 NW 107 AVENUE SUITE 240
MIAMI, FLORIDA 33172 .- q
PHONE (305) 553 -8724
IRREVOCABLE STANDBY LETTER OF CREDIT NO. FGAG -13071
ISSUER: FIDELITY GUARA'N'TY AND ACCEPTANCE CORP. (HEREINAFTER "ISSUER ")
DATE OF ISSUE: MAY 15, 2013
PLACE OF EXPIRY: AT ISSUER'S COUNTERS LOCATED AT 700 NW 107 AVE, SUITE 240
MIAMI, FLORIDA 3317
DATE OF E_Xf'IRY: THIS LETTER OF' CREDIT SFLALL BE VALID UNTIL SEPTEMBER 30, 2013. IT IS A
CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE AUTOMATICALLY
EXTENDED WITHOUT AMENDMENT FOR ADDITIONAL PERIODS OF ONE YEAR
FROM THE PRESENT OR ANY FUTURE EXPIRATION DATE HEREOF, UNLESS AT
LEAST SIXTY (60) DAYS PRIOR TO ANY SICH DATE WE SHALL NOTIFY YOU BY
REGISTERED MAIL OR HAND DELIVERED NOTIFICATION AT THE ABOVE
ADDRESS THAT WE ELECT NOT TO CONSIDER THIS LETTER OF CREDIT
EXTENDED FOR ANY SUCH ADDITIONAL PERIOD.
APPLICANT: LENNAR HONES, LLC. (HEREINAFTER "DEVELOPER'
1 0481 SIX MILE CYPRESS PARKWAY
FORT MYERS, FLORIDA 33966
BENEFICIARY: BOARD OF COUNTY COMMISSIONERS, COLLIER COUNTY, FLORIDA
(HEREINAFTER "BENEFICIARY ")
3299 TANILAIMI TRAIL EAST, SUITE 303
NAPLES, FL 34113'
AMOUNT: UP TO AN AGGREGATE A_ \MOUNT OF S111-3,320-00 (ONE HUNDRED THIRTEEN
THOUSAND THREE H`UN'DRED TWENTY AND 00/100 US DOLLARS)
RE: IREVISO BAY (PERMIT NUMBER 59.917 -2)
CREDIT AVAILABLE
WITH: ISSUER
BY: PAYMENT AGAINST DOCLtIVIENTS DETAILED HEREIN AND BF,NEFICI.ARY'S
DRAFTS AT SIGHT DRAWN ON THE ISSUER.
DOCUMENTS REQUIRED: AV=AILABLE BY BENEFICIARY'S DRAFT(S) AT SIGHT DRAWN ON THE ISSUER
AND PRESENTED AT PLACE OF EXPIRY ACCOMPANIED BY BENEFICIARY'S STATEMENT PURPORTEDLY
'41.AN*UALLY SIGNED AND DATED BY THE COU \7T'1' MANA(-',ER; CERTIFYING THAT:
A. (I) "DEVELOPER HAS FAILED TO COMPLETE THE SUBDIVISION IMPROVEMENTS FOR TREVISO BAY
ACCORDING TO THE PERFORMANCE BOND DATED FEBRUARY 7, 2013 PREPARED BY STANTEC {THE
"ESTIMATE ") AND AS REQUIRED BY COLLIER COUNTY" ORDINANCES AND RESOLUTIONS (THE
"LAND DEVELOPMENT REGULATIONS")- (Ii) DEVELOPER 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
,k77-IIN T`HE CURE PERIOD PROVIDED FOR THEREIN. II- ?NY:"
OR
B. "A FPNAL INSPECTION OF THE SUBDIVISION IN'IPROVEtiIE<NTS FOR TREVISO BAY AS REQUIRED BY
COLLIER COUNTY ORDINANCES AND RESOLUTIONS (THE "LANT) DEVELOPMENT REGULATIONS ")
SATISFACTORY TO COLLIER COUNTY HAS NOT BEEN PERFOR y'IED PRIOR TO THE DATE OF EXPIRY,
AND A SATISFACTORY ALTERNATIVE PERFORMANCE SECURITY HAS NOT BEEN PROVIDED TO
AND ACCEPTED BY THE BENEFICLARY.''
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6/24/2014 16.A.10.
FIDELITY GUARANTY AND ACCEPTANCE C --
700 NW 107 AVENUE - SUITE 240
M I A M I , F L O RI DA 33 1 7 2
PHONE 13`05)5 "53 -8724
THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NO. FGAC -13071 PAGE 2
DRAFT(S) DRAWN UNDER THIS LETTER OF. CREDIT SHALL BE !v ARI ED: "DRAWN UNDER FIDELITY
GUARANTY AND ACCEPTANCE CORP, CREDIT NO. FGAC- 13071, DATED MAY 15, 2013" .A,ND .MUST BE
ACCON4PANIED 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 L-NDERTAKING, AND SUCH
UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED, A- MENDED, OR AMPLIFIED BY REFERENCE TO
ANY DOCUMENT, INSTRLMENI T, OR AGREEMENT REFERENCED TO HEREEN OR IN WTIICH THIS LETTER
OF CREDIT RELATES:AND -ANY SUCH:.REFERENCE SHALL NOT BE DEEMED TO INCORPORATE HEREIN
BY REFERENCE ANY DOCUMENT, EN ISTRUi41ENT OR AGREEMENT,
ISSUER HEREBY ENGAGES WITH .BEN-EMCI.ARY THAT DRAFTS) .DRAWN UNDER, AND IN COMPLIANCE
WITII 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 OF EXPIRY.
THIS CREDIT IS SUBJECT TO THE L�7IFORJM CUSTOMS AND PRACTICE FOR DOCT-A ENTARY CREDITS
(2007 REVISION) INTERNATIONAL CliANIBER OF COMMERCE PUBLICATION NO. 600.
FIDELITY GUARANTY AND ACCEPTANCE CORP.
JAC Tl- .P_�t DE SOL°ZA; VICE PRESIDENT
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