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Indian River County, Florida <br />MEMORANDUM <br />File ID: 25-0462 Type: Consent Staff Report <br />TO: Board of County Commissioners <br />THROUGH: John A. Titkanich, Jr., County Administrator <br />FROM: Susan J. Prado, Deputy County Attorney <br />DATE: April 7, 2025 <br />9c <br />Indian River County <br />Administration Complex <br />1801 27th Street <br />Vero Beach, Florida 32960 <br />indianriver.gov <br />Meeting Date: 4/22/2025 <br />SUBJECT: Ditch 5 Sand Mine - (SP -MA -95-02-12 (94060171) Replacement Cash Deposit and <br />Escrow Agreements for Compliance and Restoration Security by Babcock Coquina <br />Mine, LLC <br />BACKGROUND <br />Babcock Coquina Mine, LLC ("Owner") has posted Irrevocable Letters of Credit as compliance and restoration <br />security for Phase 1 through 4 on Ditch 5 sand mine. The Letters of Credit are due to expire, and the Owner <br />would like to replace the security with Cash. <br />Attached for your approval are both the compliance and restoration Cash Deposit and Escrow Agreements as <br />replacement security for the below phases. <br />PHASE 1 <br />Compliance: <br />$25,300.00 <br />Restoration: <br />$13,200.00 <br />PHASES 2,3 & 4 <br />Compliance: <br />$56,000.00 <br />Restoration: <br />$39,600.00 <br />ANALYSIS <br />N/A <br />BUDGETARY IMPACT <br />N/A <br />PREVIOUS BOARD ACTIONS <br />Indian River County, Florida Page 1 of 2 Printed on 4/16/2025 <br />powered by LegistarTM 40 <br />