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FUNDING: <br />Staff received approval from the Board of Commissioners for the use of interfund borrowing from <br />the General Fund in order to provide funding of $1,000,000.00 for the project with the remainder <br />coming from Golf Course Funds. An interest rate of 2.5% per year will provide funds at a <br />relatively low interest rate for the golf course as well as provide increased interest earnings for the <br />General Fund. Staff anticipates a payback period of four (4) years as shown in the attachment. The <br />remaining funding in the amount of $168,000 is available from Golf Course Fund Reserves. <br />RECOMMENDATION: <br />Staff recommends that the project be awarded to Duininck, Inc., for the Irrigation Project on the <br />Dunes Course at Sandridge Golf Club in the amount of $1,168,000.00, and requests that the Board <br />of County Commissioners approve the attached sample agreement and authorize the Chairman to <br />execute said agreement after receipt and approval of the required Public Construction Bond and <br />certificate of insurance and after the County Attorney has approved the agreement as to form and <br />legal sufficiency. <br />ATTACHMENTS: <br />1. Sample Agreement <br />DISTRIBUTION <br />1. Michael C. Zito, Esq., Assistant County Administrator <br />2. Duininck, Inc. <br />Approved Agenda Item <br />BY: <br />FOR: <br />cI / <br />Joseph A. Baird <br />County Administrator <br />March 18, 2014 <br />Indian River Co. <br />Approved <br />Date <br />Administrationa�jy <br />County Attorney <br />P—'/ <br />Budget <br />Y4f <br />Department <br />'47 <br />3.12 • ij <br />Risk Management <br />F:\Assistant County Administrator\AGENDA ITEMS\2014\BCC 03 MAR 2014\BCC Memo -Award of Bid for Dunes Golf Course Irrigation <br />System Project.doc <br />142 <br />