Agenda 11/08/2011 Item #16A 311/8/2011 Item 16.A.3.
EXECUTIVE SUMMARY
Recommendation to authorize the Clerk of Courts to release a security that was posted
as a development guaranty by CNM Enterprises, LLC for work associated with an Early
Work Authorization.
OBJECTIVE:
To release a security that was posted as a development guaranty.
CONSIDERATIONS:
Land Development Services routinely accepts securities administratively as guaranties for
developer commitments. The work associated with this security has been inspected and the
developer has fulfilled his commitments with respect to this security. The subject Letter of Credit
was provided for work associated with an Early Work Authorization. The applicant was CNM
Enterprises, LLC. and the value of the security is $20,300.00.
FISCAL IMPACT:
There is no fiscal impact.
GROWTH MANAGEMENT IMPACT:
There is no growth management impact.
LEGAL CONSIDERATIONS:
The County Attorney's Office has reviewed and approved this executive summary for legal
sufficiency. This item requires a majority vote. This item is ready for Board consideration and
approval. STW
RECOMMENDATION:
That the Board of County Commissioners authorize the Clerk of Courts to release the
attached Letter of Credit to the County Manager or his designee. Upon receipt of the original
Letter of Credit, Land Development Services will return the document to applicant's
authorized representative and obtain a written confirmation of receipt from the recipient.
Prepared by: John Houldsworth, Senior Site Plans Reviewer, Land Development Services/
Engineering Review, Growth Management Division, Planning and Regulation
Attachment: Copy of Letter of Credit
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COLLIER COUNTY
Board of County Commissioners
Item Number: 16.A.3.
11/8/2011 Item 16.A.3.
Item Summary: This item requires that ex parte disclosure be provided by Commission
members. Should a hearing be held on this item, all participants are required to be sworn in.
Recommendation to authorize the Clerk to the Board to release a security which was posted as
a development guaranty.
Meeting Date: 11/8/2011
Prepared By
Name: HouldsworthJohn
Title: Site Plans Reviewer, Senior,Engineering & Environm
10/12/20118:40:56 AM
Approved By
Name: PuigJudy
Title: Operations Analyst, CDES
Date: 10/12/20119:13:36 AM
Name: McKennaJack
Title: Manager - Engineering Review Services,Engineering & Environmental Services
Date: 10/12/20112:13:07 PM
Name: LorenzWilliam
Title: Director - CDES Engineering Services,Comprehensive
Date: 10/13/2011 11:59:38 AM
Name: MarcellaJeanne
Title: Executive Secretary,Transportation Planning
Date: 10/13/20113:19:51 PM
Name: FederNorman
Title: Administrator - Growth Management Div,Transportati
Date: 10/13/2011 3:34:11 PM
Name: WilliamsSteven
Title: Assistant County Attomey,County Attorney
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Date: 10/18/2011 10:35:32 AM
Name: KlatzkowJeff
Title: County Attorney,
Date: 10/26/2011 1:38:39 PM
Name: IsacksonMark
11/8/2011 Item 16.A.3.
Title: Director -Corp Financial and Mgmt Svs,CMO
Date: 10/28/2011 10:55:48 AM
Name: IsacksonMark
Title: Director -Corp Financial and Mgmt Svs,CMO
Date: 10/31/20119:08:47 AM
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Page 1 of 2 — Letter of Credit 330007
CNLBank
Attention: Loan Administration
250 International Parkway —Suite 120
Lake Mary FL 32746
ISSUE DATE:
LETTER OF CREDIT NO:
APPLICANT:
AMOUNT:
Septemher 23, 2010
330007
CNM Enterprises, LLC
845 Bald Eagles Drive
Marco Island FL 34145
$20,300.00
BENEFICIARY: Board of County Commissioners
Attn: Connie Murray (239.252.8481)
3301 Tamiami Trail E
Building; F 7 "' Floor
Naples FL 34112
EXPIRATION DATE: September 23, 2012
11/8/2011 Item 16.A.3.
W-2
4 NL�C"`i
C �T
Bs 6.11.K� ,
Bonita Springs Office
9160 Bonita Beach Road
Bonita Springs, Florida 34135
tel 239.444.2860
fax 239.444.2861
www.cnlbank.com
Ma iling Address:
F.O. Box 2327
Bonita Springs, Florida 34133
We hereby establish our Irrevocable Letter of Credit number 330007 in your favor for account of the above -
referenced applicant available by your drafts drawn on CNLBank payable at sight for any sum of money not to
exceed a total of the amount referenced above when accompanied by this Letter of Credit and the following
document:
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 SIGNED BY TIIE COUNTY MANAGER, CERTIFY THAT:
1. "CNM Enterprises, LLC has failed to clear an adjacent parcel of land to the Tractor Supply store in
Naples Florida, prior to the date or, prior to the date of expiry the applicant failed to complete the final
acceptance procedures as required by the Collier County Utilities Standards and Procedures Ordinance,
and the applicant failed to provide the county with satisfactory alternative performance security as
required by the Ordinance."
2. This letter of credit shall be valid until September 23, 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, CNLBank notifies The Board of County Commissioners, Collier
County in writing to staff at Engineering; Review Services, 2800 North Horseshoe Drive, Naples
FL 34104 by overnight courier service that CNLBank elects not to renew this letter of credit.
Upon the earliest of (a) the date of any payment by us of a draft under this Letter of Credit causes the available
amount to equal zero; (b) the surrender to us by the beneficiary of the Letter of Credit; or (c) the expiration date, this
Letter of Credit shall terminate.
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11/8/2011 Item 16.A.3.
Page 2 of 2 — Letter of Credit 330007
All drafts must reference the number and issue date of this credit. You may draw hereunder on or prior to the
expiration date, up to the fbll amount available hereund °r, against your sight draft (s) on us, bearing the number of
this Letter of Credit. The original letter of credit and all amendments, if any, must be presented for proper
endorsement.
This Letter of Credit is subject to the International Standby Practices 1998, International Chamber of Commerce
Publication No. 590, ( "ISP 98 "), which is incorporated into the text of this Letter of Credit by this reference. If a
conflict between the Uniform Customs and Practice for Documentary Credits and Florida law should arise, Florida
law shall prevail. If a conflict between the law of another state or country and Florida law should arise, Florida law
shall prevail. This Letter of Credit shall be deemed made under the laws of the State of Florida, and as to matters not
governed by the International Standby Practices 1998, shall be governed and construed in accordance with such law.
We hereby agree with you that all drafts drawn in compliance with the terms of this Letter of Credit will be duly
honored upon presentation and delivery of the original letter of credit and the documents specified above to
CNLBank, Attention: Loan Administration, 250 International Parkway — Suite: 120, Lake Mary FL 32746, on or
before September 23, 2012.
BANK'S LEGAL NAME: CNMB AN, K
SIGNATURE OF BANK OFFICER:
NAME OF SIGNER AND TITI.,f/ Joel Whittenhall - Executive Vice - President
i
DATE: September 23, 2010
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