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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 Deposit Escrow 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 />