Laserfiche WebLink
OCT 2 31990aooK E74 <br />1_ Release of Escrowed Funds to Woodbridge Development Company <br />Asst. County Attorney Will Collins reviewed the following: <br />TO: The Board of County Commissioners <br />FROM:.4j.., William G. Collins II - Assistant County Attorney <br />DATE: October 16, 1990 <br />SUBJECT: Release of Escrowed Funds to Woodbridge <br />Development Company <br />The Woodbridge Development Company was owed certain monies <br />for utility construction work done at 8th Street and 43rd <br />Avenue. Woodbridge Development Company also was developing <br />a subdivision which required subdivision improvements to be <br />warranted for a period of one year. Both the County and <br />Woodbridge Development Company agreed to retain funds owed <br />to Woodbridge Development Company in an escrow account to <br />satisfy the security required to warranty subdivision <br />Improvements. The warranty period has expired, the <br />developer has requested disbursement of escrowed funds, and <br />the Utilities Director has recommended approval of the <br />disbursement. <br />RECOMMENDATION <br />Approve the attached resolution and authorize the Budget <br />Department to .disburse escrowed funds in the amount of <br />$14,843.75 to Woodbridge Development Company, 1406 Second <br />Street, Vero Beach, Florida 32962. <br />Attorney Collins informed that Board that he has been <br />contacted by the receiver of the development company that the <br />money is owed to, and he provided papers indicating that he would <br />be appointed to handle the assets of the company. Attorney <br />Collins wished to go to the court hearing, which is tomorrow, <br />and get a direction from the Judge regarding whom the funds <br />should be disbursed to. The funds still will go to the <br />Woodbridge Development Company, but we need to know whether to <br />disburse to the receiver or one of the partners. He, therefore, <br />needs approval to change the address where we send the funds. <br />ON MOTION by Commissioner Scurlock, SECONDED by Com- <br />missioner Bowman, Commissioner Bird being absent, the <br />Board unanimously (4-0) approved Resolution 90-157 <br />authorizing the disbursement of escrowed funds in the <br />amount of $14,843.75 to Woodbridge Development Company <br />at the appropriate address as recommended by staff. <br />18 <br />