8/20/1996 - Laserfiche WebLink

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Scot 98 f,', .842 jr. Partial Release of Cash Bond -- Gracewood Lane Subdivision The Board reviewed the following memo dated 8/14/96: TO: The Board of County Commissioners FROM: William O. Collins II - Deputy County Attorney DATE: August 14, 1996 SUBJECT: Request for Partial Release of Cash Bond Posted by Suca Network, Inc. Regarding Gracewood Lane Subdivision Suca Network, Inc. posted a $10,058.90 cash bond with Indian River County to guaranty construction of certain required improvements for the Gracewood Lane Subdivision. All the required improvements are complete and have been inspected, with the exception of a required 6 -foot wide sidewalk along the project's S.R. A -1-A frontage. The developer, Suca Network, Inc., has executed an Agreement for the Transfer of Responsibility for Required Improvements concerning the sidewalk and is requesting that the County holdback the $2,454T87 amount which represents 100% of the cost of construction of the sidewalk from the return of the $10,058.90 cash bond on deposit. There will be no need for a 25% maintenance bond to be posted for one year with the County since the roadway is private and the utility improvements are part of the City of Vero Beach system. REQUESTED ACTION: Approve the attached resolution and authorize the Chairman to execute same, giving authorization to the Office of Management and Budget to withhold the $2,454.87 amount (which represents 100% of the cost of construction of the required sidewalk) from the $10,058.90 cash bond previously on deposit, returning the remaining $7,604.03 with interest to Suca Network, Inc. ON MOTION by Commissioner Eggert, SECONDED by Commissioner Bird, the Board unanimously adopted Resolution 96-95, authorizing the partial release of escrowed funds posted by Suca Network, Inc. regarding Gracewood Lane Subdivision. 24 AUGUST 20, 1996