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File #: 24-1079    Version: 1 Name:
Type: Recommendation Status: Passed
File created: 7/11/2024 In control: Utilities Department
On agenda: 7/30/2024 Final action: 7/30/2024
Title: Approval and release of Irrevocable Standby Letter of Credit No. 70003075 on behalf of Morrow Construction Company in favor of Orange County in the amount of $438,833.36 for the required security to guarantee compliance with the terms of the Adara World Gateway Apartment Complex Water and Wastewater Capacity Adjustment Agreement from SunTrust Bank, Amendment 1 revising the expiry date, and Amendment 2 from Truist Bank. District 1. (Engineering Division)
Attachments: 1. Staff Report, 2. 04-10-18 BCC - Utilities Consent 1 - Irrevocable Standby Letter of Credit - Adara World Gateway with approval cover stamp.pdf, 3. 04-10-18 BCC - Utilities Consent 2 - Adara World Gateway Apartment Complex W-WW Capacity Adj Agmnt.pdf, 4. 2020-02-11 Utilities Department Consent Item-03.pdf, 5. 12-04-18 BCC - Utilities Consent 4 - Amendment to Irrevocable Standby LOC.pdf, 6. 2024-07-30 Utilities Department Consent Item-01

Interoffice Memorandum

 

DATE: July 11, 2024

 

TO: Mayor Jerry L. Demings and County Commissioners

 

THROUGH: N/A

 

FROM: Ed Torres, M.S., P.E., LEED AP, Director, Utilities Department

 

CONTACT: Lindy Wolfe, P.E., LEED AP, Utilities Manager

 

PHONE: 407-254-9918

 

DIVISION: Utilities Engineering Division

 

ACTION REQUESTED:

title

Approval and release of Irrevocable Standby Letter of Credit No. 70003075 on behalf of Morrow Construction Company in favor of Orange County in the amount of $438,833.36 for the required security to guarantee compliance with the terms of the Adara World Gateway Apartment Complex Water and Wastewater Capacity Adjustment Agreement from SunTrust Bank, Amendment 1 revising the expiry date, and Amendment 2 from Truist Bank. District 1. (Engineering Division)

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PROJECT: N/A

 

PURPOSE: Letter of Credit (LOC) No. 70003075 was issued in the amount of $438,833.36 by SunTrust Bank on behalf of Morrow Construction Company as the required security to guarantee compliance with the terms of the Adara World Gateway Apartment Complex Water and Wastewater Capacity Adjustment Agreement (Agreement). The Agreement and original LOC were approved by the Board on April 10, 2018.  The First Amendment to the LOC was approved by the Board on December 4, 2018, and revised the expiry date to August 17, 2023.  The Second Amendment to the LOC was approved by the Board on February 11, 2020, and revised the issuing bank to Truist Bank. 

The terms of the Agreement were satisfied on August 17, 2023, and the LOC as amended is expired, no longer in effect, and no longer needed, and Morrow Construction Company requested the LOC be released.  This LOC pre-dates Resolution No. 2018-M-21 which delegates the authority to release letters of credit to the Utilities Director or Deputy Director; therefore, this LOC cannot be released under the Resolution and would need to be released by the Board. 

The County Attorney’s Office and Comptroller’s Office reviewed the LOC request and have no objections to releasing the LOC.  Utilities Department staff recommends approval.

 

BUDGET: N/A