Approve Routine Cable/Telecommunications Agreement for Pebblebrook Subdivision, W.O. 9598C - $72,480.65:

Staff recommends that the Board approve the Routine Cable/Telecommunications Agreement for Pebblebrook Subdivision associated with W.O. 9598C in the amount of $72,480.65.  Under our Policy, the Developer(s) is allowed one of two options for paying the estimated cost of construction.  Mr. Will Crumbaugh, Member of Pebblebrook Development, chose Option Two which states the Developer(s) must submit a letter of credit for the amount of the contract and the lending institution providing the letter of credit must be approved by the Board unless they are a local institution.  The lending institution is American Founders Bank of Frankfort.  The letter of credit will be payable in three installments.  Based on a refund rate of $840 per lot, Pebblebrook Development will recoup 100% of their investment when they provide 86 Certificates of Occupancy.