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RESOLUTION NO. 96- 95 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING THE PARTIAL RELEASE OF ESCROWED FUNDS POSTED BY SUCA NETWORK, INC. REGARDING GRACEWOOD LANE SUBDIVISION. WHEREAS, on July 1, 1994 Suca Network, Inc entered into a Contract .for Construction of Required Improvements (Contract No. SD -94-01-01-A) to construct certain required improvements within Gracewood Lane Subdivision and posted $10,058.90 under a Cash Deposit and Escrow Agreement to guarantee the performance of those required improvements; and WHEREAS, that Contract for Construction of Required Improvements provided for those certain improvements to be completed by June 28, 1995; and WHEREAS, under the terms of the Cash Deposit and Escrow Agreement, the developer's engineer on August 31, 1994 certified to the substantial completion of the required improvements, with the exception of the completion of the 5 -foot wide sidewalk along the project's S.A. A -1-A frontage; and WHEREAS, a Certificate of Completion was issued on December 5, 1995, excepting from completion the required 5 -foot wide sidwalk to be constructed along the project's S.R. A -1-A frontage; and WHEREAS, on June 10, 1996 Suca Network, Inc. entered into an Agreement for the Transfer of Responsibility for Required Improvements concerning the required 5 -foot wide sidewalk, and requested that $2,454.87 (representing 100% of the sidewalk construction amount) be held back from the return of the cash bond of $10,058.90 previously on deposit; and WHEREAS, no warranty bond needs to be in place since the required improvements are not public, NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, that: 1. The above statements are ratified in their entirety. 2. The Indian River County Office of Management and Budget is authorized to withhold $2,454.87 from the cash bond previously posted, AUGUST 20, 1996 25 BON 98'P .;rik. 843