Agenda 10/28/2014 Item #16A 610/28/2014 16.A.6.
EXECUTIVE SUMMARY
Recommendation to authorize the Clerk of Courts to release Irrevocable Standby Letter of Credit
No. 5195512157667 in the amount of $25,000 which was posted as a guaranty for Excavation Permit
Number 60.043, (PL20110002185) for work associated with The Conservancy of Southwest Florida.
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 Site Development Plan (SDP). The Letter of Credit was
posted as security for an Excavation Permit associated with The Conservancy of Southwest
Florida (PL20110002185). 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 authorize the Clerk of
Courts to release Irrevocable Standby Letter of Credit No.5195512157667 in the amount of
$25,000.00. 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 / Growth
Management Division
Attachment: Letter of Credit
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10/28/2014 16.A.6.
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.16.A.16.A.6.
Item Summary: Recommendation to authorize the Clerk of Courts to release Irrevocable
Standby Letter of Credit No. 5195512157667 in the amount of $25,000 which was posted as a
guaranty for Excavation Permit Number 60.043, (PL20110002185) for work associated with The
Conservancy of Southwest Florida.
Meeting Date: 10/28/2014
Prepared By
Name: HouldsworthJohn
Title: Site Plans Reviewer, Senior, Natural Resources
9/19/2014 7:20:18 AM
Approved By
Name: McLeanMatthew
Title: Project Manager, Principal, Operations and Regulatory Management
Date: 10/14/2014 3:18: 10 PM
Name: PuigJudy
Title: Operations Analyst, Community Development & Environmental Services
Date: 10/14/2014 3:44:35 PM
Name: McKennaJack
Title: Manager - Engineering Review Services, Natural Resources
Date: 10/20/2014 7:42:43 AM
Name: MarcellaJeanne
Title: Executive Secretary, Transportation Planning
Date: 10/20/2014 8:28:38 AM
Name: StoneScott
Title: Assistant County Attorney, CAO Land Use/Transportation
Date: 10/20/2014 10:25:16 AM
Name: KlatzkowJeff
Title: County Attorney,
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10/28/2014 16.A.6.
Date: 10/20/2014 10:38:50 AM
Name: IsacksonMark
Title: Director -Corp Financial and Mngmt Svs, Office of Management & Budget
Date: 10/20/2014 11:11:27 AM
Name: FinnEd
Title: Management/Budget Analyst, Senior, Transportation Engineering & Construction Management
Date: 10/20/2014 2:55:40 PM
Name: DurhamTim
Title: Executive Manager of Corp Business Ops,
Date: 10/20/2014 3:26:57 PM
Packet Page -968-
Bank of Florida - Southwest
1 185 Immokalee Road
Naples. Florida 34110
(239)254 -2100
Applicant:
Con,er%anc% o1'Somhmest Florida. Inc.
14;0 \Icrrihuc Drive
tia{+le.. F1. 31102
BANK of FLORIDA
Your Hospitality Bank
IRREVOCABLE STAND -BY LETTER OF CREDIT
Issue Date:
Letter of Credit No:
.Amount:
Expiration Date:
Date Amended:
10/28/2014 16.A.6.
November 28. 2008
5195512157667
525.000.00
November 28. 2009
Januan 13. 2009
Beneficiary:
The Board of County Commissioners, Collier County, Florida (hereinafter "Beneficiary") Collier County Courthouse
Complex, Naples, Florida 34112. Att.: Project Plan Review.
Ladies and Gentlemen:
We hereby irrevocably authorize you to draw on Bank of Florida - Southwest for the account of Conservancy of Southwest
Florida, Inc. up to the aggregate amount of 525,000.00 (Twenty Five Thousand and 00 /100 United States Dollars),
available by your sight draft(s), when accompanied by:
DOCUMENTS REQUIRED: AVAILABLE BY BENEFICIARY'S DRAFT (S) AT SIGHT DRAWN ON THE
ISSUER AND ACCOMPANIED BY BENEFICIARY'S STATEMENT PURPORTEDLY SIGNED BY THE
COUNTY MANAGER, CERTIFYING THAT: Conservancy of SW FL has failed to meet or complete the
requirements of Excavation Permit # 60.043 for the, project name Conservancy of Sowlrvvest Florida or final inspection
satisfactory to Collier County, pursuant to Collier County Ordinance No. 91 -102, as amended 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 MUST BE MARKED: "Drawn under Bank of
Florida Credit No. 5195512157667 dated November 28, 2008. The original letter of credit and all amendments, if any,
must be presented 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 documents, 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.
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.
This credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision) International
Chamber of Commerce Publication No_ 500
We hereby agfFe -'W yo hat all drafts drawn under and in compliance with the terms of this credit shall be duly honored
on due aresuntatior1
By: E. Br m.�I iiValk�— r4mmercial Lender;Offlcer
1185 Immokalee 12oad •Naples. Florida 3a 110 • (23 9) >54 -2100
��_l,unk� ltlurida.c<un • \asdaq: 13011.
1185 Immokalee Ro- ' ' " "4110 • (239) 254 -2100
Wwwba, Packet Page -969- iaq: BOFL