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ITEM: RATIFICATION OF AMENDMENT NO. 1 TO SITE ACCESS AND CONSTRUCTION AT-RISK LICENSE AGREEMENT
REQUEST: Ratification and approval of Amendment No. 1 to Site Access and Construction At-Risk License Agreement.
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EXPLANATION: Acme Improvement District and Wellington Property Owner LLC entered into a License Agreement dated March 14, 2026, authorizing certain pre-closing site work to be performed by Related, including clearing, grubbing, and earthwork.
Paragraph 8 of the Agreement required Licensee to provide an Irrevocable Standby Letter of Credit (“LOC”) drawn on a Florida bank to Acme prior to commencing work under the Agreement. The LOC provided is drawn on a New York bank instead of a Florida Bank. In the unlikely event that Acme needed to draw against the LOC, it would be required to present the original LOC in New York.
Amendment No. 1 amends the License Agreement to permit the LOC to be drawn on a New York bank and further requires Related to fund a $2,500 cash bond to be used by Acme if it becomes necessary for an Acme/Wellington employee to travel to New York to present the original LOC. The LOC will expire upon the closing of the property and any remaining cash bond will be credited toward the purchase price.
BUDGET AMENDMENT REQUIRED: NO
PUBLIC HEARING: NO QUASI-JUDICIAL:
FIRST READING: SECOND READING:
LEGAL SUFFICIENCY: YES
FISCAL IMPACT: NONE. Any travel costs associated with presenting the LOC in New York will be covered by the cash bond.
WELLINGTON FUNDAMENTAL: Responsive Government
RECOMMENDATION: Ratification and approval of Amendment No. 1 to Site Access and Construction At-Risk License Agreement.