Agenda 09/10/2013 Item #16A26 9/10/2013 16.A.26.
EXECUTIVE SUMMARY
Recommendation to authorize the Clerk of Courts to release a security in the amount of$117,296
which was posted as a development guaranty for work associated with Sungate Center PUD.
OBJECTIVE: To release a security which was posted as a development guaranty.
CONSIDERATIONS: Engineering Services routinely accepts securities administratively as
guaranties for developer commitments. The subject security was provided for work associated
with a planned commercial project. The project approval has expired and therefore the security
is no longer necessary. If the project is revived, a performance security may or may not be
necessary.
FISCAL IMPACT: There is no fiscal impact.
LEGAL CONSIDERATIONS: This item has been approved as to form and legality, and
requires a majority vote for Board approval. - ERP
GROWTH MANAGEMENT IMPACT: There is no growth management impact.
RECOMMENDATION: Recommendation that the Board of County Commissioners authorize
the Clerk of Courts to release Letter of Credit #288, Capital Bank (n/k/a TIB Bank) in the
amount of $117,296.00. Engineering Services will issue a Memorandum to the Minutes and
Records Section of the Clerk of Courts upon approval of this item by the Board of County
Commissioners and the document will be returned to the original developer.
Prepared by: John Houldsworth, Senior Site Plans Reviewer, Engineering Services, Growth
Management Division, Planning and Regulation
Attachments: 1) Copy of Letter of Credit
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9/10/2013 16.A.26.
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.16.A.16.A.26.
Item Summary: Recommendation to authorize the Clerk of Courts to release a security in
the amount of$117,296 which was posted as a development guaranty for work associated
with Sungate Center PUD.
Meeting Date: 9/10/2013
Prepared By
Name: HouldsworthJohn
Title: Site Plans Reviewer, Senior,Engineering&Environm
8/5/2013 11:51:36 AM
Approved By
Name: BeardLaurie
Title: Planner,Transportation Planning
Date: 8/8/2013 7:15:44 AM
Name: PuigJudy
Title: Operations Analyst, GMD P&R
Date: 8/12/2013 3:48:25 PM
Name: McKennaJack
Title: Manager-Engineering Review Services,Engineering&Environmental Services
Date: 8/14/2013 4:38:03 PM
Name: MarcellaJeanne
Title: Executive Secretary,Transportation Planning
Date: 8/19/2013 4:42:43 PM
Name:PepinEmily
Title: Assistant County Attorney, CAO Litigation
Date: 8/21/2013 10:42:15 AM
Name: FinnEd
Title: Senior Budget Analyst, OMB
Date: 8/21/2013 2:45:59 PM
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9/10/2013 16.A.26.
Name: KlatzkowJeff
t.n
Title: County Attorney
Date: 8/23/2013 9:58:00 AM
Name: OchsLeo
Title: County Manager
Date: 8/23/2013 10:41:04 AM
ASINk
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9/10/2013 16.A.26.
NI K
IRREVOCABLE STANDBY LETTER OF CREDIT
Date:October 12,2010
issuing Bank Credit No.:288 Applicant: Wynn Properties,Inc.,a Florida corporation
9120 Bonita Beach Road
Bonita Springs, FL 34135
Beneficiary: Board of County Commissioners,Collier County Florida.
Collier County Courhouse Complex
Naples, FL 33962
Ladies and Gentlemen:
We have established this clean, irrevocable,unconditional and automatically renewable Letter of Credit in your favor for
the amount of$1 17,296,00 One Hundred Seventeen Thousand Two Hundred Ninety Six Dollars&00/100 U.S. Dollars. This
Letter of Credit is issued on behalf of TM.Bank.This Letter of Credit is issued,presentable and payable at our office at 99451
Overseas Highway,Key Largo,Florida 33037 and expiring with our close of business on October 12,2011.
I. Documents to be Presented. Funds under this Letter of Credit are available to you against: (a) Your draft at sight,drawn
on us, in an amount not exceeding the face amount hereof, in the form of the Draft and Certificate attached as Exhibit A
and(b)the original of this Letter of Credit for cancellation.
2. Method and Notice of Presentation. The Draft and Certificate may be presented for payment in person, by mail or by
express delivery, during normal business hours,on or prior to the expiration date or any automatically extended date.
3. Automatic Renewal. This Letter of Credit shall remain in force, unless canceled by written notice to your President,
delivered in person or by certified or registered mail,at least sixty(60)days prior to the expiration date or any subsequent
anniversary of that date.
4. Time and Method for Payment. This Letter of Credit shall be strictly construed. Payment shall be made to you no later
than 4:00 pm(Eastern Time)in immediately available funds in accordance with your payment instructions on the Draft and
Certificate on or before one day after the date on which demand for payment is actually received by TIB Bank.
5. Force Majeure. In the event there is interruption of the Bank's business,arising from Acts of God, riots,civil communions,
insurrections, wars, or any other causes beyond the Bank's control,or by any strikes or lockouts,the Bank agrees to effect
payment, if the Letter of Credit is drawn against, within thirty (30) days after the resumption of business from such
interruption.
6. Complete Agreement. This Letter of Credit, including Exhibit A attached, sets forth in full the terms of our undertaking,
and such undertaking shall not, in any way, be modified, amended, amplified or limited by reference to any document,
instrument or agreement referred to herein or in which this Letter of Credit is referred.
7. •
8. Governing Law and Customs, Except so far as otherwise expressly stated, this Letter of Credit is subject to the Uniform
Customs and Practice for Documental),Credits(1993 revision), International Chamber of Commerce Publication No.500
("UCP")and shall be deemed to be issued and construed in accordance with the laws of the State of Florida.
Very truly yours,
,41/1/~)/14-41
David Ciordley, SVP Comm cial Loan Officer
IA EMIIER TIB Bank Commercial Lending 1 6435 Naples.Boulevard 1 Naples,FL 34109
—f!C Tt 5245CL Phone:800.233.6330 1 Fax:239.596.4695
www.tibbank.com 1 Nasdaq:T1BB Um sea.
UNDER
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