7/14/2016 1:44:20 PM
9/30/2015 8:36:37 PM
Official Document Type
Agenda Item Number
Holiday Builders, Inc.
Contract required sidewalk improvements
Previously Valencia Pointe Subdivision
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ti <br /> or otherwise required by the Code of Laws and Ordinances of Indian River <br /> County in connection with the approved Preliminary Plat and Land Development <br /> Permit , which are incorporated by reference into this contract . <br /> 2 . Developer agrees to construct said improvements strictly in <br /> accordance with County policies for sidewalk construction as those policies <br /> relate to location , method and type of construction , and all County development <br /> regulations and standards , including conditions and requirements of any <br /> applicable County right-of-way permit , all of which are hereby incorporated by <br /> reference and made a part hereof. <br /> 3 . In order to guarantee performance of this contract , Developer <br /> shall simultaneously herewith furnish an irrevocable letter of credit , having an <br /> expiration date of not less than ninety (90 ) days beyond the date set forth in <br /> Paragraph 1 , provided by a banking institution authorized to transact such <br /> business in this state , in a form to be approved by the County , naming Developer <br /> as customer and Bank of America , as the underwriting bank , in the amount of <br /> $ 74 , 156 . 60 , which amount is not less than one hundred fifteen percent ( 115 % ) <br /> of the estimated total cost of improvements remaining to be constructed , as <br /> determined in accordance with the County' s Subdivision and Platting Ordinance . <br /> It is understood that the full amount of the letter of credit shall remain available to <br /> the County and shall not be reduced during the course of construction without an <br /> express written modification thereof executed by all parties . Requested <br /> reductions shall not be unreasonably withheld by the County . Developer may at <br /> any time substitute guarantees , subject to the approval as to form and amount <br /> by the County . <br /> 4 . Up to $ 1 , 000 , 000 . 00 , or the limits of any applicable underlying <br /> or excess insurance coverage carried by Developer or to be obtained during the <br /> course of the construction of the subdivision improvements , Developer agrees to <br /> indemnify, hold harmless , and defend the County against any and all claims , <br /> damages , losses , and expenses , including attorney's fees , for property damage , <br /> personal or bodily injury , or loss of life , arising from the negligent acts or <br /> omissions of the Developer, its officers , employees , agents , or contractors , <br /> subcontractors , laborers , or suppliers , relating to the construction of the required <br /> sidewalk improvements , including all those improvements to be constructed on <br /> existing publicly dedicated or County owned property . <br /> 5 . The County agrees to approve the Final Plat , upon a finding <br /> as to compliance with all applicable provisions of the County' s Development <br /> Regulations and Ordinances and upon execution hereof. However , nothing <br /> herein shall be construed as creating an obligation upon the County to perform <br /> any act or construction or maintenance until such time as the required <br /> improvements are satisfactorily completed . Satisfactory completion in <br /> accordance with the land development permit , plans , specifications , and <br /> ordinance requirements of Indian River County shall be determined by the <br /> 2 <br /> F:WttomeyWancy\DOCS\FORMS\side k for loc valencia pointe.doc <br />
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