HomeMy WebLinkAbout1991 07 11 - Bond RequirementFREsE..RALLAem, NA,SH & TORFy, P. A.
ATTORNEYS AT LAw
GARY R FRMREt
JAMZO H. FALLACE
CILUCLIMA IAN NA9H4
V'Nelewr G. ToRrY. JIL
Rl('HA" E. ToR1�Y
G"OORY a. HA]VN1tN
J. PATIFUCK AN1)1mRSON
LAURA L. ANDARsoN
WILLIAM A. GRIMM
or 0OUN821,
July 11, 1991
VIA FACSIMILE - 589-5570
Mr. Bruce Cooper
Director of Community Development
City of Sebastian
P. 0. Box 780127
Sebastian, FL 32978-0127
Re: Chessers Gap Final Plat
Our File No. 90-6258
Dear Bruce:
9308. FARROR CITY BLVD.
SUITE 1505
Ml U3017HNID. FLUXIDA 32901
(407) OR& -3300
FAX (407) 051-3741
t bu.lw (`en Tine. IN
T.xATiON
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As I stated earlier, the letter you sent me from Barnett
Bank regarding funding the Completion of the required improvements
for the Chessers Gap Project does not meet the requirements of
Section 20A-16.4(G)(1)(b) of the City's Land Development Code.
That section requires an applicant to furnish to the City a
personal bond secured by an unconditional and irrevocable letter
of credit, in an amount equal to 110% of the total estimated Coss
of engineering and construction for the installation and Completion
of the required improvements, The expiration date of the letter
of credit must be at least three months following the date of
certification of all improvements. The letter of credit must be
issued to the City and must state that in the event of default by
the applicant or the failure of the applicant to complete the
required improvements within the time required, the City, after
sixty (60) calendar days written notice to the applicant, shall
have the right to use any funds resulting from drafts on the letter
of credit to secure satisfactory completion of the required
improvements.
I hope this answers any questions Sebastian General
Partnership has with respect to this matter. Please let me know
if I can be of any further assistance.
Sincerely,
i
flvr
JPA/clg J. PATRICK AND RSON
•
E7�r� r
Jeffrey P. Meyer
Vice President
GVJ
V, o
7 C
Mr. Bruce Cooper
City of Sebastian
P. 0. Box 780127
Sebastian, Florida 32978-0127
Re: Final Plat - Chesser's Gap
Agreement Between City of Sebastian and
Sebastian General Partnership, 8FT
Dear Mr. Cooper:
0 RECEIVED J U P4 2 1 199
88mett Bank of
The Treasure Coast
601 21st Street
Vero Beach, Florida 32960
June 20, 1991
This letter will serve as verification that Sebastian General Partnership,
BFT is a customer of Barnett Bank and that Barnett Bank is funding the
completion of the infrastructure for the Chesser's Gap project. As of
today, approximately $120,000 remains to be funded for the completion of
the project. Both the bank and the borrower feel that these funds are
sufficient to complete development and this money will be reserved to
insure completion of the thoroughfare road within Chesser's Gap.
Should you have any further questions, please do not hesitate to contact me
at 770-3913.
Sincerely,
Jeffrey P. Meyer
Vice President
JPM:ab
cc: Henry A. Fischer
0
REC�YED JUN 2 q 1991
Jeffrey P. Meyer
Vice President
Mr. Bruce Cooper
City of Sebastian
P. 0. Box 780127
Sebastian, Florida 32978-0127
Re: Final Plat - Chesser's Gap
Agreement Between City of Sebastian and
Sebastian General Partnership, BFT
Dear Mr. Cooper:
Barnett Bank of
The Treasure Coast
601 21st Street
Vero Beach, Florida 32960
June 20, 1991
This letter will serve as verification that Sebastian General Partnership,
BFT is a customer of Barnett Bank and that Barnett Bank is funding the
completion of the infrastructure for the Chesser's Gap project. As of
today, approximately $120,000 remains to be funded for the completion of
the project. Both the bank and the borrower feel that these funds are
sufficient to complete development and this money will be reserved to
ensure completion of the thoroughfare road within Chesser's Gap.
Should you have any further questions, please do not hesitate to contact me
at 770-3913.
Sincerely,
Jeffrey P. Meyer
Vice President
JPM:ab
cc: Henry A. Fischer