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rEP 1 �98� � <br />S 1 BOOK PAGE <br />D. Release Portion_ of Funds Held for Improvements_- Old Sugar <br />Mill Estates Unit III <br />The Board reviewed memo of Staff Planner Stan Boling: <br />TO: Board of County DATE: August 30, 1985 FILE: <br />Commissioners _ <br />THROUGH: Michael Wright, <br />County Administrator SUBJECT: RELEASE OF A PORTION <br />OF ESCROWED FUNDS HELD <br />DIVISION HEAD ONCURRENCE: FOR IMPROVEMENTS IN <br />! OLD SUGAR MILL <br />c. ESTATES UNIT THREE <br />Jim Da.- s, Public Works Director SUBDIVISION <br />FROM:stan Boling REFERENCES: <br />Staff Planner <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 />Beindorf and Associates, Inc., the authorized Old Sugar Mill <br />Estates Unit Three subdivision developer, is requesting release <br />of a portion of the funds held to guarantee the construction of <br />required subdivision improvements. A total of $115,000.00 is <br />being held by First Bankers of Indian River County as part of a <br />three -party cash deposit and escrow agreement between the <br />developer, the County and the bank. <br />ALTERNATIVES AND ANALYSIS: <br />The project engineer has certified that all work has been <br />completed in accordance with the construction contract and <br />escrow agreement. The Public Works Director has inspected the <br />improvements and stated that all required work is complete. At <br />this time, the developer is requesting that $90,000.00 be <br />released. The remaining $25,000.00 is to be retained until the <br />developer posts a 1 year maintenance bond to cover the road and <br />drainage improvements which are to be accepted by the County. <br />Upon receipt of a maintenance bond, the Public Works Director <br />will issue a certificate of completion, officially accepting the <br />improvements for the County, and the developer will request <br />release of the remaining $25,000.00 <br />The release of $90,000.00 at this time is in accordance with the <br />construction contract and escrow agreement. <br />-RECOMMENDATION: <br />Staff recommends that *the Board of County Commissioners <br />authorize the release of $90,000.00 from the Old Sugar Mill:-* <br />Estates Unit Three escrow account by adopting the attached <br />resolution. <br />ON MOTION by Commissioner Scurlock, SECONDED <br />by Commissioner Bowman, the Board unanimously <br />� � r <br />