SUBJECT
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Request to approve the release of the Irrevocable Letter of Credit No.BOCFL062 in the amount of $1,452,277.00 associated with the Impact Fee Credit and Reimbursement Agreement for Drane Field #3 Distribution Offsite Improvements Drane Field Road.
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DESCRIPTION
This is a request to release Irrevocable Letter of Credit No. BOCFL062 in the amount of $1,452,277.00 due to the completion of the offsite improvements associated with the Impact Fee Credit & Reimbursement Agreement for Drane Field #3 Distribution Offsite Improvements. On February 21, 2023, the Board entered into an Impact Fee Credit and Reimbursement Agreement for Drane Field #3 Distribution Offsite Improvements to Drane Field Road with BSD Drane Field III, LLC. The improvements associated with the agreement have been completed and an inspection was performed on December 21, 2023. The Land Development Division requests the Board release the Irrevocable Letter of Credit No. BOCFL062 in the amount of $1,452,277.00.
RECOMMENDATION
Request Board approve the release the Irrevocable Letter of Credit No.BOCFL062 in the amount of $1,452,277.00 for Impact Fee Credit and Reimbursement Agreement for Drane Field #3 Distribution Offsite Improvements to Drane Field Road.
FISCAL IMPACT
No Fiscal Impact
CONTACT INFORMATION
Thado N. Hays, CPM
Concurrency & Entitlements Manager
Thadohays@polk-county.net <mailto:Thadohays@polk-county.net>