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FF - <br />DEQ 70 PnF 400 <br />TO: e The Board of County Commissioners <br />FROM:v�� William C. Collins II <br />Assistant County Attorney <br />DATE: December 15, 1987 <br />SUBJECT: Assignment of Contract for Construction of <br />Required Road Improvements <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 adopt Resolution 84-34 <br />(attached) abandoning a 35-foot.right.-of-way located on the <br />west side of S.R. A1A, 3/4 mile north of C.R. 510, and <br />terminating at the east right-of-way line of Jungle Trail.. <br />In return, North Beach Associates, Ltd. agreed to convey to <br />the County for right-of-way purposes a 60 -foot right-of-way <br />(as depicted on the attached deed and survey) and to <br />construct a paved 24 -foot wide public road in accordance <br />with County road construction standards. The contract was <br />secured by a $50,000.00 performance bond. North Beach <br />Associates, Ltd. sold the property and assigned its rights <br />and obligations under the contract with the County to The <br />Broadview Savings and Loan Company, with the approval of <br />Indian River County (Assignment attached). <br />On April 22, 1987, the Board of County Commissioners <br />approved Broadview's request for an extension of time to <br />complete the road improvements required under the contract <br />on or before May 23, 1990 (Amendment to Contract attached). <br />Broadview has entered into a contract for sale of the <br />subject property to the Richard Roberts Co., Inc. and in <br />conjunction with the sale, the Buyer and Seller hereby <br />request that the Board of County Commissioners of Indian <br />River County: <br />1. Approve assignment of the contract as amended from <br />Broadview to the Richard Roberts Co., Inc. (Assignment <br />attached). <br />2. Accept a performance bond or an irrevocable standby <br />letter of credit approved in form by the County Attorney's <br />Office from the Richard Roberts Co., Inc. in lieu of the <br />irrevocable standby letter of credit currently held to <br />secure performance by Broadview. <br />3. Upon acceptance of the Richard Roberts Co., Inc. <br />performance security in the form of a performance bond or a <br />letter of credit, release the letter of credit submitted by <br />Broadview. <br />It is recommended that, subject to receipt of a performance <br />bond or an acceptable letter of credit posted by the Richard <br />Roberts Co., Inc., the Board of County Commissioners approve <br />the assignment of contract to the Richard Roberts Co., Inc. <br />and release the Broadview Savings and Loan Company letter of <br />credit currently held by the County. <br />20 <br />