HomeMy WebLinkAbout2004-168 The Oaks of Vero — P . D . , Phase 1
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MODIFICATION TO
CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS
NO . PD -01 -06 -15 -CFC (2000100085 -34449 )
THIS MODIFICATION , made and entered into this ? nth day of
, 2004 , by and between SDG Kings , Inc . , a Florida corporation ,
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 , on August 5 , 2003 the Board of County Commissioners
approved the final plat of The Oaks of Vero — P . D . , Phase 1 , and the Developer
entered into a Contract for Construction of Required Improvements No . PD -01 -
06- 15-CFC (2000100085-34449 ) guaranteeing the completion of certain required
improvements within the plat of The Oaks of Vero — P . D . , Phase 1 and posted
the necessary security to guarantee construction of those improvements ; and
WHEREAS , certain of those required improvements are not completed ;
and
WHEREAS , the Indian River County Code Section 913 . 10 ( 1 )( B ) allows up
to one year from date of final plat approval for the required improvements to be
completed ; and
WHEREAS , the Indian River County Code Section 913 . 10 ( 1 )( E ) states
that for good cause shown , the Board of County Commissioners may in its
discretion grant one or more extensions of time for performance of any contract
for required improvements , provided the surety supporting such contract remains
valid for the required 90 -day period following the newly extended time for
performance ; and
WHEREAS , Developer wishes to extend the date in which to complete
those required improvements to October 1 , 2004 ; and
WHEREAS , Developer also wishes to substitute Irrevocable Standby
Letter of Credit No . 2323454 , as amended , of Citrus Bank , N .A . in the amount of
$ 500 , 684 . 03 , presently in place , to guarantee the completion of the required
improvements with a Clean Irrevocable Letter of Credit from First National Bank
and Trust Company for the same amount ; and
WHEREAS , Developer acknowledges responsibility for an overlay on 12th
Street for which a right-of-way permit has been issued . Developer acknowledges
that the overlay in an amount not to exceed $ 15 , 000 . 00 is to be added as part of
Exhibit "A" to the Contract for Construction of Required Improvements , and that
no increase to the letter of credit is required because a large portion of the
improvements has already been completed with no reduction to the letter of
credit being processed .
WHEREAS , it is staff' s recommendation to extend the date in which to
complete those required improvements to October 1 , 2004 with supporting
security to remain in place until January 1 , 2005 , and to include the 12 Street
overlay in an amount not to exceed $ 15 , 000 as part of Exhibit "A" to the Contract
for Construction of Required Improvements ;
NOW, THEREFORE , IN CONSIDERATION OF THE MUTUAL
COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as
follows :
1 . The date for completion of the remaining required improvements is
extended to October 1 , 2004 ,
2 . The overlay on 12th Street in an amount not to exceed $ 15 , 000
which is Developer' s responsibility, is made a part of Exhibit "A" to Contract for
Construction of Required Improvements No . PD-01 -06- 15-CFC (2000100085-
34449 ) .
3 . The consideration for the extension is the posting of substitute
security being a Clean Irrevocable Letter of Credit in the amount of $ 500 , 684 . 03
of First National Bank and Trust Company with an expiration date of January 1 ,
2005 , guaranteeing the completion of the required improvements .
4 . All other terms set out in the Contract for Construction of Required
Improvements No . PD-01 -06- 15-CFC (2000100085-34449 ) , remain in full force
and effect.;
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IN WITNESS WHEREOF , the parties hereto have set their hands and
seals on the day and year first above written .
SDG KINGS , INC . , a
corpora ' DEV OPER
By:
Bret Sove Presiders
INDIAN RIVER COUNTY, FLORIDA
by and through its Board of County
Commissioners /
By . ,
Caroline D . Ginn , Ch ' man
BCC approved : 07 - 20 - 04
ATTEST : J . K . Barton , Clerk of Court
By: Mg&,i 5 - k
Deputy Clerk
APPROVED AS TO !FORM
AND LEGAL SUF
81' �,f�
WILLIAM Go COMMS N
COUNTY ATTORNCY
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