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$54,050.00 for this work. This amount exceeded the $44,200.00 that was in the account from <br />the developer's bank for completing this work. This shortfall accounts for the delay on this <br />bid as we awaited the new owner completing foreclosure. The new owner, in order to <br />proceed with the completion of the improvements for the project has agreed to escrow funds <br />to cover the shortfall between the bid amount and the amount of the cash available. In <br />addition, in negotiations with the contractor, we have obtained savings on the project by <br />changing certain specifications and eliminating the payment and performance bonds in the <br />amount of $2,500.00. The total shortfall in funds_ for which the new owner will escrow an <br />amount to cover will be equal to $54,050.00 minus $44,200.00 minus $2,500.00 which equals <br />$7,350.00. <br />The county attorney and this office, due to the nature of this work, would like very much <br />to have this contract expedited and before the Board as soon as possible. <br />Please consider this the request of this office to expedite this contract and have It before <br />the Board to approve the contract and direct the chairman to execute the contract as soon <br />as possible. <br />TO: James E. Chandler <br />County Administrator <br />THROUGH: H.T. "Sonny" De <br />General Services <br />FROM: Fran Boynton Powell <br />Purchasing Manager <br />and <br />Roger D. Cain, P.E. <br />County Engineer Joe � <br />SUBJECT: Bid No. 6030 <br />Couelands Landing Phase H Performance Bond - IRC Project No. 354 <br />DATE: January 16, 1996 <br />BACKGROUND INFORMATION <br />Bid Opening Date: November 15, 1995 <br />Specifications Obtained by: Three 131 ' Vendors <br />Replies: One Vendor <br />Indian River County received bids on this,pProject in November of 1995. At that time only <br />one bidder submitted a valid bid ' Cathco, lnc; su�mitted a bid of $54,050.00 for this work. <br />This amount exceeded the $44,200.00 plus interest that was in the account from the <br />developer's bank for completing this work., This shortfall accounts for the delay on this bid <br />as we awaited the new owner completing foreelosuie. The new owner, in order to proceed <br />with the completion of the improvements for the project has agreed to escrow funds to <br />cover the shortfall between the bid amount and the amount of the cash available.. In <br />addition, in negotiations with the contractor, we have obtained savings on the project by <br />37 <br />January 23, 1996 <br />BOOK 97 F,154 <br />