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AUG 5 1991 k <br />MOTION WAS MADE BY COMMISSIONER SCURLOCK, SECONDED BY COMMIS- <br />SIONER WODTKE, TO GRANT FINAL APPROVAL OF LAURELWOOD SUBDIVISION, UNIT 4, <br />SUBJECT TO THE ADMINISTRATORS RECOMMENDATIONS OF JULY 29TH. <br />COMMISSIONER WODTKE ASKED FOR A BREAKDOWN OF THE ITEMS <br />COVERED BY THE $65,000 CASH'BOND, AND PETER ROBINSON, PRESIDENT OF <br />LAURELWOOD HOMES, STATED THAT IT COVERS THE PAVING AND DRAINAGE IM- <br />PROVEMENTS AS STATED IN THE ESCROW AGREEMENT. THE CANAL WAS DONE IN <br />UNIT 3. <br />ATTORNEY HOULIHAN STATED THAT HE HAD REVIEWED THE AGREEMENT <br />AND WAS SATISFIED WITH THE CONCEPT. <br />MR. ROBINSON.PRESENTED ADMINISTRATOR NELSON WITH A CHECK <br />FOR $65,138.05. <br />THE BOARD MADE SEVERAL COMPLIMENTARY REMARKS ABOUT THE QUALITY <br />OF THE DEVELOPMENT OF LAURELWOOD SUBDIVISION. <br />THE CHAIRMAN CALLED FOR THE QUESTION. <br />CARRIED UNANIMOUSLY. <br />ESCROW AGREEMENT <br />IT WAS VOTED ON AND <br />THIS AGREEMENT, made and entered into this 15th day of July, 1981 and <br />amended herein this 29th day of July, 1981 by and between LAUREL BUILDERS, INC., <br />Developer of the Subdivision, LAURELWOOD, UNIT 4, and the BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA. <br />WITNESSETH: <br />1. The Developer hereby deposits in escrow with the Board of County Commissioners <br />of Indian River County, Florida, SIXTY-FIVE THOUSAND ONE HUNDRED THIRTY- <br />EIGHT AND 05/100 DOLLARS ($65, 138. 05) to guarantee that all street paving and <br />storm drainage improvements set forth on plans and specifications for Laurelwood, <br />Unit 4 will be fully completed and paid for. <br />2. That the Board of County Commissioners agrees to hold said funds and to pay the <br />same out in the following manner: <br />a) To the Developer upon request and upon proof satisfactory to the Board that <br />work has progressed satisfactorily to the state of development for which the <br />payment is made, said proof to include a certificate to that effect signed by <br />the Developer and the County Administrator, and upon proof satisfactory to <br />the Board that all bills therefore have been paid to date, including, but not <br />limiting thereto, bills for surveying, engineering and land clearing, and work <br />and material used in the construction of street having and storm drainage <br />improvements which are included in the plan of development. Said interim <br />payments to the Developer shall be based on the following schedule for draws <br />against the escrow deposit: <br />