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APR 2 8 `661 Boos <br />NORTH BEACH ASSOCIATES, LTD. - CONTRACT FOR CONSTRUCTION OF <br />REQUIRED ROAD IMPROVEMENTS <br />The Board reviewed the following memo dated 4/22/87: <br />TO: The Board of County Commissioners <br />DATE: April 22, 1987 <br />SUBJECT: North Beach Associates, Ltd. - Contract for <br />Construction of Required Road Improvements <br />FROM: Bruce Barkett{ <br />Assistant County Attorney <br />In November, 1984 the Board of County Commissioners entered <br />into a contract with North Beach Associates, Ltd. whereby <br />the Board agreed to and did pass Resolution 84-34, <br />abandoning a 35 -foot right-of-way located on the west side <br />of S.R. AIA, 1/2 mile north of C.R. 510, and terminating at <br />the east right-of-way line of Jungle Trail. In return, <br />North Beach Associates, Ltd. agreed to convey to the County <br />for road right-of-way purposes a 60 -foot right-of-way (as <br />depicted on the attached deed and survev) and to construct a <br />paved 24 -foot wide public road in accordance with County <br />road construction standards on the right-of-way. The <br />contract was secured by a $50,000.00 performance bond. <br />North Beach Associates, Ltd. has assigned its rights under <br />the contract with the County to The Broadview Savings and <br />Loan Company, subject to and conditioned upon the approval <br />of Indian River County. <br />The Broadview Savings and Loan Company hereby requests that <br />Indian River County: <br />1. Approve the assignment of contract from North Beach -- <br />Associates, Ltd. to The Broadview Savings and Loan Company. <br />2. Approve Broadview's request for an extension of time to <br />complete the road improvements on or before May 23, 1990. <br />This would be a 3 -year extension of time. <br />3. Accept an irrevocable standby. letter of credit No. <br />SBM -1559 issued by the Florida National Bank in Miami, <br />Florida in the amount of $50,000.00 in lieu of their <br />performance bond submitted by North Beach Associates, Ltd., <br />and upon acceptance of the letter of credit, to release said <br />performance bond. <br />The letter of credit submitted has a 1 -year duration. <br />Broadview has indicated that the bank will not issue a <br />letter of credit for greater than one year; however. it has <br />indicated that it will send notification to.the County 60 <br />days_ prior to expiration that the- letter:is about to expire <br />and .that 'it either has -.or has not .been'.renewed. This will <br />give the County sufficient time to drainr on the letter of <br />credit if necessary. <br />It is recommended that. the .Board approve the assignment of <br />contract to The Broadview. Savings. .'.and : Loan Company; <br />authorize the Chairman to sign: the amendment of the contract <br />to extend the -time for completi.orl unti.l.May 23 1990; accept <br />the -.irrevocable... letter .,of credit• submitted -by' Broadview <br />�_ 34 <br />