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� V <br />ATTORNEY COLLINS FELT IF THE SAVINGS & LOAN INDICATES THAT <br />MONIES ARE SET ASIDE, IT IS EFFECTIVELY THE SAME AS PLACING THE CASH <br />IN AN ESCROW ACCOUNT. <br />MR. ALLEN EXPLAINED TO THE BOARD THAT $411,000 WOULD BE EAR- <br />MARKED FOR THE IMPROVEMENTS REQUIRED BY THE COUNTY, AS WELL AS $150,000 <br />FOR THE IO%jRETAINAGE REQUIREMENT. HE POINTED OUT THAT ALL REQUISI- <br />TIONS WILL BE APPROVED BY THE ADMINISTRATOR AND BY PLEDGING THE 10% <br />RETAINAGE ON THE ENTIRE LOAN, THEY ARE REALLY COMMITTING $561,000 AS <br />A BOND TO DO THE IMPROVEMENTS. <br />ADMINISTRATOR JENNINGS STATED THAT HE IS SATISFIED WITH THIS <br />ARRANGEMENT AND BELIEVED IT WOULD COVER THE COST OF THE PROJECT. <br />ATTORNEY COLLINS ASKED IF THE ROADS ARE TO BE PRIVATE ROADS, <br />AND ATTORNEY O'HAIRE STATED THAT THEY ARE TO BE PRIVATE ROADS AND NOT <br />DEDICATED TO THE PUBLIC BECAUSE THIS IS A PENINSULA AND PUBLIC ACCESS <br />IS NOT DESIRABLE. THERE WILL BE A GATEHOUSE AT THE ENTRANCE. HE <br />CONTINUED THAT PARCEL "C" MOST LIKELY ULTIMATELY WILL BE TENNIS COURTS, <br />BUT BECAUSE OF HUD REQUIREMENTS, THEY DO NOT WISH TO MAKE ANY COMMIT- <br />MENTS AT THIS TIME AS TO ITS PARTICULAR USE. <br />ON MOTION BY COMMISSIONER Loy, SECONDED BY COMMISSIONER <br />SCHMUCKER, THE BOARD UNANIMOUSLY GRANTED FINAL APPROVAL OF THE MOORINGS, <br />PLAT 15, SUBJECT TO THE COUNTY IN LIEU OF A PERFORMANCE BOND RECEIVING <br />A SATISFACTORY TRI -PARTY AGREEMENT BETWEEN THE -MOORINGS, INDIAN RIVER <br />•FEDERAL SAVINGS & LOAN, AND THE COUNTY, IRREVOCABLY COMMITTING THE <br />FUNDS NECESSARY FOR THE ENGINEER'S ESTIMATES FOR IMPROVEMENTS REQUIRED <br />BY THE COUNTY; SAID AGREEMENT TO BE IN FORM SATISFACTORY TO THE COUNTY <br />ATTORNEY AND THE ADMINISTRATOR. <br />JUL 91978 <br />15 <br />