8/11/2016 2:11:52 PM
9/30/2015 9:23:25 PM
Official Document Type
Agenda Item Number
Public Works Director
IRC Development LLC
Escrow Petition Paving Costs 81st. St.
Lakes at Sandridge Phase II NW corner 58th Ave. and 81st. St.
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AGREEMENT FOR THE ESCROW OF PETITION PAVING COSTS <br /> FOR 81St STREET <br /> THIS AGREEMENT , made and entered into thisg/ day of <br /> 2005 by and between IRC DEVELOPMENT, L . LC . , a Florida limited liability company , <br /> hereinafter referred to as " Developer" , and INDIAN RIVER COUNTY, a political <br /> subdivision of the State of Florida , hereinafter referred to as "County" . <br /> WITNESSETH : <br /> 1 . Developer received preliminary plat approval on August 19 , 2003 and <br /> administrative approval on May 25 , 2004 for the project identified as : <br /> Project Title : The Lakes at Sandridge , Phase II PD <br /> Project Number: PD -03 -07 -17 / AA-04-06 -77 <br /> Project Live- IRC Number: 2002120179 -44609 / 2002120179 -39663 <br /> Project Location : nw corner of 58th Ave . and 81St Street <br /> 2 . As a condition of preliminary plat approval and/or administrative <br /> approval , Developer is required to escrow its share of petition paving costs for 81St Street <br /> from the project' s entrance to its west property line . <br /> 3 . It is agreed between the parties that in consideration of the escrowed <br /> sum of $24 , 861 . 63 , by Developer to Indian River County , County acknowledges that <br /> Developer has met a condition of preliminary plat approval and/or administrative approval as <br /> outlined in paragraph 2 above . <br /> 4 . Developer may apply in writing to the Public Works Director for a <br /> refund of monies paid should County not begin the construction of the petition paving project <br /> along 81St Street by / o � 3/ Z4�) //,� (six years from the date of cash <br /> payment) . If the Developer elects to request such a refund , the County shall repay those <br /> monies allocated toward the escrowed petition paving project , and Developer' s condition of <br /> preliminary plat approval and/or administrative approval to escrow its share of petition <br /> paving costs for 81St Street under paragraph 2 hereof shall be deemed satisfied . Any <br /> requests for refunds not made by x 6 — & / a fZ- ( seven years from the date of <br /> cash payment) shall be deemed a waiver of all rights to such refund . <br /> IN WITNESS WHEREOF , the parties hereunto set their hands and seals this <br /> may of .12005 . <br /> IRC DEVELOPMENT, L . L . C . , a FIriela limited <br /> Liability ompany <br /> By <br /> illiam J . Sims , Manager <br /> " DEVELOPER" <br /> APPROM AS TO PORN <br /> INDIAN RIVER COUNTY , FLORIDA <br /> B tO <br /> I aie <br /> 44 es W . Davis , P . E . <br /> ublic Works Director <br /> "COUNTY" <br /> F : \Attorney\Nancy\DOCS\PLAN\escrow of petit paving re lakes at sandridge . doc <br />
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