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INDIAN RIVER COUNTY <br />INTER -OFFICE MEMORANDUM <br />OFFICE OF MANAGEMENT AND BUDGET <br />TO: Diane Bernardo <br />Finance Director <br />Attn: Carol Roberts <br />DATE: May 14, 2008 <br />SUBJECT: Cash Deposit and Escrow <br />Paladin Place II <br />FROM: Jason E. Brown <br />Budget Director <br />On August 4, 2006, a Cash DepositnjEscrow Agreement was approved between Atlantic <br />Coast Construction and Development, Inc. and Indian River County in the amount of $25,000. <br />A copy of the check is attached. These funds constituted a portion of the warranty amount, with <br />the remainder of the funds provided by a surety bond. <br />William DeBraal, Deputy County Attorney, has advised us that the maintenance bond posted <br />now meets the current code requirement and the cash deposit in the amount of $25,000 may now <br />be returned. <br />With reference to the Contract for Construction of Required Sidewalk Improvements, SD -04 -06- <br />25 -SIDE in the amount of $12,813.75, the Letter of Credit to guarantee performance of this <br />contract will expire on May 21, 2008. In a conversation with Jason Brown today, May 14`h, Mr. <br />Paladin informed the Budget Office to retain a portion of this cash escrow to be held as security <br />for the sidewalk improvements. The Letter of Credit may then be returned to the bank. <br />Please return cash in the amount of $12,186.25, with any applicable interest to: <br />Atlantic Coast Construction & Development, Inc. <br />730 Commerce Center Drive, Suite C <br />Sebastian, FL 32958-3128 <br />The Employee Identification Number is 650604157. <br />Finance: please retain the amount of $12,813.75 in sidewalk cash escrow for Atlantic Coast <br />Construction and Development Inc. Paladin Place II <br />Attachments <br />cc: William G. Collins II, County Attorney <br />