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r <br />MAY 12 1992 <br />Bou S'b f�i.vC 4,15 <br />S. On April 219 1992 Mr. Davis was notified by the Florida Department of <br />Transportation that they have programmed the construction of the <br />northbound left -turn lane at this location with an expected completion <br />date of 1992. I have verified this with further phone calls to F . D . O . T . <br />and on April 28, 1992 received a confirmation letter. <br />ISSUE <br />Should the Board authorize the refund of Mr. Hedin's $3,000 with interest <br />from June 14, 1991. <br />ANALYSIS <br />Paragraph 2 of the June 14, 1991 escrow agreement states that "If, prior to <br />five years from date, a left -turn lane is constructed at the expense of the <br />State of Florida, Department of Transportation, then the escrowed funds, <br />together with all interest earned thereon, will be paid over to K. <br />D. Hedin." <br />We now have a firm commitment from D.O.T. that the left -turn lane will, be <br />constructed this year. Holding the escrowed funds for a longer period of <br />time would be warranted only if we felt that F. D . O. T . might not perform <br />their work program as they have recently set it out. Holding the escrowed <br />funds longer simply means that we are accruing interest for the benefit of <br />Mr. Hedin. <br />ALTERNATIVES <br />I. Retain the escrowed funds until the F. D . O. T . construction is <br />completed. <br />2. Authorize refund of the escrowed money at this time, based upon the <br />D . O. T .'s 1992 work program. <br />3. Release the escrowed funds to Mr. Hedin, based on any alternative <br />reasoning which he may present at the Board meeting on May 12, 1992. <br />RECOMMENDATION <br />I recommend Alternative No. 2. <br />ON MOTION by Commissioner Scurlock, SECONDED by <br />Commissioner Bowman, the Board unanimously approved <br />staff's recommended Alternative. 2 and authorized <br />refund of the escrowed money at this time based upon <br />the DOT's 1992 work program. <br />PARKS AND RECREATION COMMITTEE REPORT <br />Commissioner Bird reported that Sebastian is considering <br />extension of one of the airport runways which would affect Donald <br />McDonald and Dale Winbrow Parks to the extent that tree height may <br />be restricted to 35 feet. The committee members and staff toured <br />that area and determined, based on correspondence from FAA and City <br />of Sebastian, that extension of that runway would not require any <br />clearing of trees. <br />42 <br />