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Home My WebLink About2008-388 Pointe West South Village , Phase I P . D . Off' ► G l )N A (. -5 TC) AP� NI 7v u) ri *l c 13 . A , 0f C (OP oto 39 "9 THIRD MODIFICATION TO CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK IMPROVEMENTS NO . PD -04 - 04 -06 -CFCSIDE ( 99070081 ) THIS MODIFICATION , made and entered into this 18th day of November , 2008 , by and between Pointe West of Vero Beach , Ltd . , a Florida limited partnership , hereinafter referred to as " Developer" , and INDIAN RIVER COUNTY , a political subdivision of the State of Florida , by and through its Board of County Commissioners , hereinafter referred to as " County" . WITNESSETH : WHEREAS , Developer entered into a Contract for Construction of Required Sidewalk Improvements No . PD - 04 - 04 - 06 - CFCSIDE ( 99070081 ) guaranteeing the completion of certain required sidewalk improvements and posted as security to guarantee completion , a Wachovia Bank Irrevocable Standby Letter of Credit Number SM217549 in the amount of $ 105 , 184 . 98 , expiring on November 12 , 2006 ; and WHEREAS , on November 7 , 2006 a Modification to Contract for Construction of Required Sidewalk Improvements was approved , granting a 2 - year extension to August 17 , 2008 for the Developer to complete the remaining sidewalk improvements and approving a reduction in the amount of security necessary to complete the remaining to $ 25 , 576 . 50 ; and WHEREAS , on July ' 28 , 2008 Developer paid the prerequisite extension request fee and requested a 2 -year extension to August 17 , 2010 to complete the remaining sidewalk improvements . A Second Modification to Contract for Construction of Required Sidewalk Improvements was prepared with the provision that an amendment extending the letter of credit expiration date to November 17 , 2010 be received by the County no later than October 1 , 2008 otherwise the Second Modification would be null and void . No amendment was ever received , thus the Second Modification was deemed null and void ; and WHEREAS , because the Developer was in default under its Contract for Construction of Required Sidewalk Improvements No . PD - 04 - 04 - 06 - CFCSIDE ( 99070081 ) , as modified , the Office of Management and Budget was preparing the necessary sight draft for calling the letter of credit prior to its November 17 , 2008 expiration date ; and WHEREAS , on November 4 , 2008 the Developer presented a check in the amount of $ 25 , 576 . 50 as substitute security to avoid the Office of Management and Budget from calling the letter of credit . Additionally , the Developer paid the prerequisite fee for substitution of security/extension ; and WHEREAS , on November 4 , 2008 the developer indicated that they were going to proceed to construct the sidewalks and be completed with them prior to the next Board of County Commission meeting where an extension request would be presented ; and WHEREAS , since Developer is currently in default under its contract but believes the sidewalk improvements will be completed before the Board is to consider an extension , staff is requesting a 2 - year extension ( to August 17 , 2010 ) on behalf of the Developer to take the Developer out of the default status in the event the sidewalks are not completed to the satisfaction of the County before the Commission meets due to some unforeseen reason , including weather . NOW , THEREFORE , IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as follows : 1 . The date for completion of the required sidewalk improvements as outlined in the Contract for Construction of Required Sidewalk Improvements No . PD - 04 - 04 - 06 - CFCSIDE ( 99070081 ) , as modified , is extended to August 17 , 2010 , 2 . The $ 25 , 576 . 50 cash has been posted as substitute security to guarantee the completion of internal sidewalks . 3 . All other terms set out in the Contract for Construction of Required Sidewalk Improvements No . PD - 04 - 04 - 06 - CFCSIDE ( 99070081 ) , as modified , remain in full force and effect . IN WITNESS WHEREOF , the parties hereto have set their hands and seals on the day and year first above written . POINTE WEST OF VERO BEACH , LTD . , a Florida limited partnership By POINTE WEST OF VERO BEACH , INC . , General Partner Signed in/the presence of : p Sign : ' Print : �� _ e �.t t a B �, rLr Y Charles Mechling , President` Sign : IC �IUL/ DEVELOPER Print : ; 1= n 3 A INDIAN RIVER COUNTY , FLORIDA by and through its Board of County Commissioners By : Wesley S . Davis ATTEST : J . K . Barton , Clerk Chairman By : �— � �� aP BCC approved : 11 % 18 / 3 Deputy Clerk APPROVED AS TO FORM AND LEGAL SUFFICIENCY f By A1104 KlAr WILLIAM G . COLL NS Id COUNTY ATTORNEY 3 TU pNM pi^M ( q O r1 I ` 4 tl Py 13 . A aa� 2 Pointe West South Village, Phase I P . D . CASH DEPOSIT AND ESCROW AGREEMENT THIS AGREEMENT is entered into this 1 8thday of November , 2008 , by and between Pointe West of Vero Beach , Ltd . , a Florida limited partnership ( Developer ) , and INDIAN RIVER COUNTY , a political subdivision of the State of Florida ( COUNTY ) : WITNESSETH : WHEREAS , Developer is effecting development of land within Indian River County and is required to provide surety supporting a modification to a contract with the County for the construction of certain required sidewalk improvements related thereto ; NOW , THEREFORE , in consideration of the agreements , promises , and covenants set forth herein , and other good and valuable considerations , the parties hereto agree as follows : 1 . The Developer has tendered to the County Office of Management and Budget ( Escrow Agent ) the sum of Twenty - Five Thousand Five Hundred Seventy - Six and 50/ 100 Dollars ( $ 25 , 576 . 50 ) , the receipt whereof is hereby acknowledged , which sum shall be held in escrow by said Office , subject to the terms , conditions and covenants of this escrow agreement as assurance that Developer shall perform in all respects the obligations set forth in the aforementioned Contract for Construction of Required Sidewalk Improvements , as modified , which agreement and modification ( s ) are attached hereto and incorporated herein by reference ( Contract ) . 2 . Upon completion , the Developer may obtain a disbursement from the escrow account by making a written request to the Board of County Commissioners of Indian River County through the County ' s Public Works Director . The request shall specify the amount of disbursement desired and shall be accompanied by a sealed certificate from Developer' s engineer describing the work completed , the actual cost thereof , and that the work for which disbursement is requested has been completed in accordance with County policies for sidewalk construction as those policies relate to location , method , and type of construction . 3 . Within seven ( 7 ) working days after receipt of a disbursement request , the Public Works Director shall cause an inspection of the work for which payment is sought . If the Public Works Director is satisfied in all respects 1 with the work , the accompanying cost estimates and certifications , the Public Works Director shall deliver a written notice to disburse to the County Office of Management and Budget . Upon receipt of the notice to disburse , the Office of Management and Budget shall make the disbursement described therein directly to Developer . 4 . Upon default by Developer under the Contract , the County may elect to pursue any of the remedies made available therein . All funds remaining in the escrow account at the time default is declared by the County shall be available for use by the County in accordance with the Contract . Said funds shall be disbursed to the County upon receipt by the Office of Management and Budget of a memorandum from the County Public Works Director . or County Engineer stating that Developer has defaulted under the Contract and that said funds are necessary to complete the required improvements . All funds disbursed to County in excess of the final amount determined necessary by the County to complete the required improvements shall be returned to Developer , its legal representatives , successors or assigns . 5 . Any interest earned during the term of escrow , less administrative expenses , shall be disbursed to Developer at close of escrow provided the funds have been held in escrow in excess of 60 days . 6 . The funds deposited hereunder exist solely for the protection , use and benefit of the County and shall not be construed or intended in any way , expressly or impliedly , to benefit or secure payment to any contractor , subcontractor , laborer , materialman , architect , engineer , attorney or other party providing labor , material , supplies , or services for construction of the required improvements , while such funds remain subject to this escrow agreement , unless and until the County shall agree otherwise in writing . The County shall not be liable to any of the aforementioned parties for claims against the Developer or contractor relating to the required improvements . 7 . This Agreement , together with the attached Contract , is the full and complete understanding of the parties and shall not be construed or amplified by reference to any prior agreement , discussion , or understanding , except as specifically mentioned herein . This Agreement shall not be assigned without the express written approval of the County . Any amendment , deletion , modification , extension , or revision hereon or hereto shall be in writing , and executed by authorized representatives of each party . 2 n e IN WITNESS WHEREOF , the parties hereto have set their hands and seals . The date of this agreement shall be the date of approval by County . POINTE WEST OF VERO BEACH , LTD . , a Florida limited partnership By POINTE WEST OF VERO BEACH , INC . , Ge .eral Partner Signed in the presence of: Sign : C C1� n �.1 ' v � /J °' Print . "N XQ�r 'R� I By : am? ^ Charles Mechling , President Sign : DEVELOPE, ' X Print : S c Ej;, r ,y12 BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY , FLORIDA By/: _ e Wesley S . Davis Chairman ATTEST : J . K . Barton , Clerk of Court BCC approved , 11 / 18 / 08 Deputy Clerk OFFICE OF MANAGE AND BUDGET By : Jaso , E . B own , OM (D' rector L/ APPROVED AS TO FORM AND LEGAL � SSLIFFIICIE CY : By: A/ '4 r William G . Collins II County Attorney 3 Yk 1°070 I Sso71s CHARLES EC Id jr p 5215TpADEWINDS DR�n , ,G w i •r „ -" 1. / 68 4/630 ,� VERO BEACH , FL 329634 414 / x r h ill Dat zaeo r s r ,_ JZr irtu1. t + �, 4 Ff rt \ .� , � ., a7ia ' . `., u r :1F , ti* : S . ' •.. T1 1Fe ' a ,r ..4 4 t{� r J-. t r Aa t 4 t ! I fi - , fipd. Pr r a ♦ - '4 .^1� Y `k ' �, { 3 �C./ .� . S' onderto �, M ra LSr 'x4 F , � � rrft aLl Elig f i r � X : C»n �� t , r+- S � Sr. d J' �;, fia _ ? 3 ,{' i £r te / . ••'r,�y isi ? 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