Laserfiche WebLink
November 25, 1980 <br />MEMORANDUM <br />TO: Board of County Commissioners <br />FROM: Neil A. Nelson, County Administrator <br />SUBJECT: Bonding, Village Green III, West - East <br />ENC. #1: Village Green's letter to Board of County Commissioners <br />dated November 18, 1980. <br />ENC. #2: Beindorf & Associates, Inc. Bonding information <br />Village Green, Phase III, West signed by James Young <br />ENC. #3: Village Green's letter to Board dated November18, 1980 <br />ENC. #4: Beindorf & Associates, Inc. Bond estimate, Village Green <br />Phase`III, East Side <br />October 8, 1980 Village Green entered into an agreement with Indian River <br />County to bond certain construction projects on the Phase III West portion. <br />The amount of bond was $166,842.00 and the completion date was January 1, 1981. <br />The Board,at their meeting of September 24, 1980, agreed to release the <br />funds upon 95% completion of the project after inspection of the project by the <br />County Administrator. <br />Enclosure #1 is a request for the funds minus the am, <br />o listed on enclosure <br />#2. The completion percentage is not 95%, however, $13,800.00 of this amount is <br />attributed to a cul-de-sac area on the north end and is not critical to this Phase. <br />I have inspected Phase III and concur with their assessment of substantial <br />completion. <br />Enclosure #3 is a request to bond the East Side of Phase III. <br />Enclosure #4 is an estimate of costs to complete the project with a 20% <br />contingency. <br />The reason for Bonding is essentially the same as before,in that Village Green <br />desires to begin mobile home construction prior to site construction completion. <br />Village Green does have a nice development and serves a need to the <br />community. Acceptance of the Bond will allow Village Green to begin construction <br />of the mobile hocies immediately and facilitate the total development <br />Recommend that: <br />5116 -S° <br />0 <br />I. The Board release $146,166.00 of the $166,842.00 bond deposited <br />`or Phase III West. �3,g <br />l"9,lp® <br />68 <br />2. The Boara/accept a cash bond of $205,176.00 which represents <br />$170,980.00 to cover the work remaining plus a 20% for contingency <br />and price escalation. <br />3. That upon substantial completion (950/') of the project, Village <br />Green will be allowed to request that the bond be returned, less <br />amount set aside for minor improvements not yet completed, <br />contingencies, and price escalations. <br />4. That the Finance Director be authorized to coordinate the return <br />of the bond money with representatives of Village Green. <br />Neil A. Nelson <br />County Administrator <br />DEC 3198Q 41 Booz 45 . PnE 373 <br />