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47th Street paving between U.S. 1 and the east terminus of 47'h Street <br />County Development Project #2004080190 <br />IRC BID NO. 2010033 <br />AGREEMENT CONCERNING <br />CASH DEPOSIT AND ESCROW <br />FOR THE JOINT PAVING PROJECT FOR 47TH STREET <br />(County Development Project #2004080190) <br />THIS AGREEMENT CONCERNING CASH DEPOSIT AND ESCROW <br />FOR THE JOINT PAVING PROJECT FOR 47TH STREET (Agreement) is entered <br />into this 6th day of July , 2010, by and between TOT SPOT OF VERO, <br />INC., a Florida corporation (Developer), CLINTON BARKER LAND <br />DEVELOPMENT LLC, a Florida limited liability company (Contractor), and <br />INDIAN RIVER COUNTY, a political subdivision of the State of Florida <br />(County): <br />WITNESSETH: <br />WHEREAS, Developer is effecting a development of a day care center to <br />be known as Tot Spot; and <br />WHEREAS, as a condition of Developer's site plan approval, Developer <br />must pave 47th Street between U.S. 1 and the day care center's entrance, a <br />distance of 849 feet; and <br />WHEREAS, the County is desirous of having the entire section of 47th <br />Street east of U.S. 1 paved, a total distance of 1,053 feet; and <br />WHEREAS, a Developer's Agreement dated July 21, 2009 recites that <br />Developer and County have agreed to a joint paving project comprised of paving <br />47th Street between U.S. 1 and the east terminus of 47th Street, where the <br />Developer is responsible for paying its fair share of the project, being 80.6% of <br />the total project and the County paying its fair share, being 19.4%; and <br />WHEREAS, the County has ascertained the lowest bid for the project at <br />$132,695.40, awarded to Clinton Barker Land Development LLC, thereby the <br />Developer's fair share is $106,952.46; and <br />WHEREAS, in lieu of the posting of a payment and performance bond, <br />Developer is providing surety in the form of cash to guaranty completion of its <br />share of the joint paving project; and <br />WHEREAS, Contractor will provide a 1 -year warranty bond to County <br />when the paving project is completed; and <br />NOW, THEREFORE, in consideration of the agreements, promises, and <br />covenants set forth herein, and other good and valuable considerations, the <br />parties hereto agree as follows: <br />1 <br />