04/09/2024 - Laserfiche WebLink

Home Browse Search

County sharing Verotown's initial improvement costs on a 50%/50% basis, to Verotown fully funding any facility costs beyond the amount approved in the Capital Reserve Fund with the exception of a pending capital project to reroof the batting cage building following an oversight by both parties in the initial assessment of the deferred maintenance and capital improvements. That project will be presented later under a cooperative funding agreement. The course of events over the first two (2) years of the Agreement led the parties to mutually endeavor to amend certain terms and conditions. In February of 2021, Major League Baseball and Indian River County entered into the First Amendment to the Agreement (The "First Amendment"). Under the First Amendment, Verotown took on responsibility for construction of certain improvements using previously allocated funding to complete those improvements. Additionally, the parties extended specified time frames in which to complete their obligations under the Agreement. The time extensions were primarily reflective of challenges related to the Covid Pandemic at the time and the parties mutual desire to transfer construction management to Verotown. The Second Amendment: On July 12, 2022, the parties mutually agreed to transfer responsibility for some of the County's remaining obligations to Verotown providing funding for their completion under the terms presented by the Second Amendment to the Agreement ("Second Amendment"). The parties modified certain terms of the Agreement as amended, including certain rights and obligations associated with the Capital Improvements and additional contributions to the Capital Reserve Account in accordance with the terms and conditions of the proposed Second Amendment. Under the Second Amendment, the County incurred a fixed cost to shift the management of three (3) remaining improvement projects to MLB include the TV Platforms Project, the Executive Building / Championship Hall project, and the Hotel Room Remediation Project. Pursuant to the Second Amendment any funding not utilized for the specified projects would be eligible to return to the County and to the contrary, any overages would be borne by Verotown in good faith. The Hotel Room Remediation Proiect Under the Agreement, the County is obligated to renovate and remediate the hotel room villas including asbestos remediation in several of the villas. Under the Second Amendment, the parties shifted the remaining asbestos remediation project to MLB at a projected fixed cost of $570,000 utilizing a certified asbestos contractor that employed proper removal and disposal practices, prescribed by the United States Environmental Protection Agency. MLB and the County were fortunate to have completed this project well under the projected cost following Verotown's solicitation of bids in accordance with the Agreement, leaving a fund balance in the Villas renovation project for asbestos remediation. The Proposed Third Amendment: For the Board's consideration today is the proposed Third Amendment to the Agreement. Under this Amendment, it is proposed that the remaining surplus funds allocated for the asbestos remediation project are shifted to plumbing improvements necessary to complete the villas renovation project and to avoid additional remediation costs associated with the current plumbing 102