HomeMy WebLinkAbout2009-030 srtTO
e plan: Imagine School
CASH DEPOSIT AND ESCROW AGREEMENT
I
THIS AGREEMENT is entered into this � day of v ref , 2009,
by and between BOUMA CONSTRUCTION, INC., a Michigan profit co poration
(Developer's Contractor), and INDIAN RIVER COUNTY, a political subdivision of the
State of Florida (COUNTY):
WITNESSETH :
WHEREAS, as a condition of site plan approval, Schoolhouse Finance, LLC,
the Developer, is required to construct certain off-site improvements within the
County right-of-way, and is required to provide surety supporting a contract with the
County for the construction of certain required 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's Contractor has tendered to the County Office of
Management and Budget (Escrow Agent) the sum of. Fourteen Thousand Nine
Hundred Thirteen and 201100 Dollars (.$14,913.20), 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 Roadway Improvements,
which agreement is attached hereto and incorporated herein by reference
(Contract).
2. Upon completion, the Developer's Contractor 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 construction
as those policies relate to location, method, and type of construction.
3. Disbursement shall occur only after issuance of a Certificate of
Occupancy in accordance with the Indian River County Code.
4. 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 with the work, the
a
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's Contractor.
5. 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 certified copy
of a resolution of the Board of County Commissioners 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's Contractor, its legal representatives, successors or
assigns.
& 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 roadway 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 Developer's 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.
IN WITNESS WHEREOF, the parties hereto have set their hands and seals
The date of this agreement shall be the date of approval by the Board of County
Commissioners, as first stated above.
BOUMA CONSTRUCTION, INC.,
a Michigan profit corporation,
bevel er's Contractor
B
0 d Ugla C
u las B uma, CEO
BOUMA CONSTRUCTION, INC 5899 - INDIAN RIVER CHECK NUMBER 15415
Invoice Amount Discount Amount Net Remittance Job Number
Invoice Date Invoice Number 14,913.20 500665
01/27/09 1/22/09 14,913.20
REMITTANCE STATEMENT Check Date ' 01122/0 Total Remittance ® 14,913.20
111 C1 1,11
OEM ° ' '' Fifth Third Bank, NA
72a
p; Grand Rapids, Michigan j
{ Bouma
v SO
Construction, Inc. Check Date Check# 15415
4101 Roger B.Chaffee Memorial Blvd.SE 01/22/2009 Vold a Months Aher Dale of Cneck
Grand Rapids,Michigan 49548-3443 CHECK AMOUNT
v****14,913.20
PAY "FOURTEEN THOUSAND"
"NINE HUNDRED THIRTEEN DOLLARS AND TWENTY CENTS"
TOTHE COUNTY OF INDIAN RIVER
ORDER 1801 27TH ST
OF VERO BEACH FL 32960 TH RIZED SIGNATURE v
u°0I54I511° 1:0724000521: 76449382211'
` a ,
BOARD OF COUNTY COMMISSIONERS
OF INDIAN RIVER COUNTY, FLORIDA
By: 6
Wesley S. Davis, Chairman
OFFICE OF MANAGEMENT AND BUDGET
By: �►
Jason E. Brown,OMB Dir ctor
APPROVED AS TO FORM AND
LEGAL F j1EN *
By-y
William G.Collins I
County Attorney