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SEP 111985 BOOK 62 PAPUE U4 <br />TO: Board of County DATE: August 30, 1985 FILE: <br />Commissioners - <br />THROUGH: Michael Wright, <br />County Administrator SUBJECT: RELEASE OF FUNDS HELD <br />FOR IMPROVEMENTS IN <br />DIVISION HEAD CONCURRENCE: SEAGROVE WEST <br />( ,`J� SUBDIVISION <br />avis, Public Works Director <br />FROM: Stan Boling n REFERENCES: <br />Staff Planner f <br />It is requested that the data herein presented be given formal <br />consideration by the Board of County Commissioners -at their <br />regular meeting of September 11, 1985. <br />DESCRIPTION AND CONDITIONS: <br />The owner/developer of Seagrove West subdivision, Harbor Federal <br />Savings and Loan Association, is requesting release of $503,191.24 <br />held in trust for the County by the Chairman of the Indian River <br />County Commission and Director of the Office of Management and <br />Budget (both as trustees) in a Harbor Federal Savings and Loan <br />trust account. The funds are being held to secure the contract <br />(#SD -80-16-229) and Assumption Agreement to construct required <br />improvements in Seagrove West subdivision. <br />ALTERNATIVES AND ANALYSIS: <br />The project engineer has certified that all construction of <br />improvements has been performed in accordance with the approved <br />construction drawings; he has also submitted release of lien <br />statements from project contractors. The City of Vero Beach has <br />certified that all water and sewer utilities have been approved, <br />and the County Public Works Director has issued a certificate of <br />completion, certifying that all required improvements have been <br />constructed and are approved. <br />Therefore, the terms of the construction contract and Assumption <br />Agreement, and the terms of the Cash Deposit and Trust Agreement <br />have been satisfied. <br />RECOMMENDATION: <br />--^:.Staff. recommends that the Board of County Commissioners, in <br />accordance with the trust agreement, authorize the trustees. to <br />disburse the $503,191.24 held in the trust account to the <br />"-'bwnerrdeveloper or his designee by adopting the attached:-.:= <br />resolution. Funding to be from the Seagrove West subdivision' <br />---trust account. <br />The OMB Director pointed out that the release of these funds <br />needs to be authorized by the adoption of a Resolution. <br />ON MOTION by Commissioner Scurlock, SECONDED <br />by Commissioner Wodtke, the Board unanimously <br />4 <br />1 <br />