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Home My WebLink About1986-028y Attest: %LQL =�/LC Appiovccl zv, io form FREDA WRIGHT, etERK �� Ie il ,uffiarnc,y STATE OF FLORIDA �,y\c\a11c COi�lT7( QF D AN RIVER G( Z!/ Bruce B'rkett t eAsst. County Attorney RESOLUTION 86 - 28 ® - RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA AUTHORIZING THE RELEASE OF THE IRREVOCABLE LETTER OF CREDIT HELD UNDER THE TERMS OF A CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS BETWEEN THE STIRLING PROPERTIES & DEVELOP- MENT CORPORATION, AND INDIAN RIVER COUNTY TO GUARANTEE THE CON- STRUCTION OF REQUIRED IMPROVEMENTS IN STIRLING LAKE ESTATES SUBDIVISION. WHEREAS, Indian River County (County) and Stirling Properties 0 and Development Corporation (Developer) have entered into a contract for construction of required improvements; and WHEREAS, under the terms of said contract, the Developer has • made a written request for release of an irrevocable letter of credit held to guarantee required improvements, and has submitted a warranty maintenance agreement and irrevocable letter of credit guaranteeing performance of publically dedicated improvements; and WHEREAS, the Public Works Director is satisfied that all required improvements have been completed, and recommends release of the irrevocable letter of credit. NOW, therefore, be it resolved by the Board of County Commis- sioners of Indian River County, Florida that: The Irrevocable Letter of Credit No. 1 drawn on Indian River Federal Savings Bank in the amount of $47,437.62 is hereby released. The foregoing resolution was offered by Commissioner Wodtke who moved its adoption. The motion was seconded by Commissioner Bowman and upon being put to a vote, the vote was as follows: Chairman Don C. Scurlock, Jr. Absent Vice -Chairman Patrick B. Lyons Aye Commissioner Richard N. Bird Aye Commissioner Margaret C. Bowman Aye Commissioner William C. Wodtke, Jr. Aye The Chairman thereupon declared the resolution duly passed and adopted this 21st day of May , 1986. BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLO IDA BY: / G Don C. Scu lock, Chairman Attest: %LQL =�/LC Appiovccl zv, io form FREDA WRIGHT, etERK �� Ie il ,uffiarnc,y STATE OF FLORIDA �,y\c\a11c COi�lT7( QF D AN RIVER G( Z!/ Bruce B'rkett t eAsst. County Attorney WARRANTY, MAINTENANCE AGREEMENT, AND BILL OF SALE FOR REQUIRED IMPROVEMENTS WHEREAS, the undersigned Developer has obtained approval by the Board of County Commissioners for the recordation of the final subdivision plat for a project known as Stirling Lake Estates ; pursuant to the Indian River -County Subdi- vision Ordinance; and WHEREAS, Developer has constructed certain required improvements as defined by, and in accordance with the require- ments of said ordinance, all as described and evidenced in the various drawings and plans supporting the issuance of the Land Development Permit, together with the as built plans, test results, and certificate of completion of the Developer's s engineer; and WHEREAS, Developer desires to transfer all its right, title and interest to the County in and to all those improvements constructed within publicly dedicated lands of said project, free and clear of encumbrances, together with the assignment of all existing warranties and Developer's agreement to maintain the improvements, as required by the ordinance, and as stated herein below. W I T N E S S E T H: That for and in consideration of value received, the receipt of which is hereby acknowledged, Developer, on behalf of itself and all successors and assigns, does hereby: 1. Represent unto Indian River County, a political subdivision of the State of Florida, that the required improve- ments in said project have been constructed and installed as required by the ordinance, in the manner described above; and 2. Agree that, should the required improvements fail or otherwise become defective during a period of one year from the date of acceptance of said required improvements, due to defective materials or workmanship, the Developer shall upon each occassion, be responsible in all respects for such failure or defect. Devel- oper shall immediately, upon 20 days written notice by the County, correct such failure or defect at Developer's sole cost and expense and bring them into compliance with the requirements of the applicable ordinance(s); and 3. In the event Developer fails to begin repair of the defective required improvements within the 20 days as specified above, or to complete such repairs within a reasonable time thereafter, the County shall have the right to make such needed repairs and Developer shall be liable to the County for the actual cost expended by the County for such repairs and any cost incident to the collection of such sums, including but not limited to, reasonable attorney's fees and costs of litigation, including any appeals; and 4. Provides herewith, or has provided heretofore in a manner satisfactory to the County, a surety instrument to guaranty Developer's performance of this maintenance agreement, being either a Performance Bond, cash escrow deposit, or irrevocable letter of credit. In the event Developer has not undertaken the repairs contemplated by this Agreement following a request by the County, the proceeds of any such surety instrument may be drawn upon by the County to the final total cost of Developer's obligations hereunder, not to exceed however, the applicable limits of a given surety instrument. 5. Grant and convey unto Indian River County all its right, title and interest in and to all such improvements, other than land dedicated by plat or separate easement, which lies within the areas dedicated to the County, and Developer hereby warrants to the County that it has free and unencumbered title thereto, that all persons or entities which have supplied labor or -1- i+ d a i.. Y materials with respect to such improvements have been paid in full, that none of them has any claim whatsoever with respect ® thereto, and that that Developer shall hereafter forever warrant and defend the County's title thereto. IN WITNESS WHEREOF Developer has hereunto set its hand ® and seal this 7th day of May , 1986. Stirling Properties & Development: Corn, DEVELOPER, A Corporation of the State of Florida , or (OtAh!ar Specify) •A By' �'.� Pre.-, !IL Name Title R. Harvey Sasso Attest: Name Title (PLACE CORPORATE SEAL) if Applicable STATE OF FLORIDA COUNTY OF INDIAN RIVER The foregoing instrument was acknowledged before me this 7th day of May 1986, by (Name) R. Harvey Sasso (Title) President and (Name) (Title) , ofgtirling Properties & Development rp. a Corporation Partnership (Other) Corporation , under the laws of the State of Florida , on behalf of the Developer entity. ��c�,lCr'4 ✓� �- ,� �r is NOU Y PUBLIC My ✓Commission Expires: Bch 4. 1990 {.•.J.d iL.• 1..rY'1. •:n..riK. In C. ^2 -- Pay, Vit -l?+ COST OF CONS'PRUCTION OF llE;UIC.A i'iill WORK FOR - STIRLING LAKE ESFATES SUBDIVI BION SITE WORK Roadway and Swale Grading - $ 2,675.00 Sodding = $ 270.00 Seed and Mulch = $ 3,000.00 WATER DISTRIBUTION 6" P.V.C. Watermain = $10,428.75 8" D.I.P. Watermain = $ 700.00 8" P.V.C. Watermain - $ 5,214.00 20" X 811 f;.J. Wet Tap = $ 2,770.00 Blow Off = $ 250.00 Fire Hydrant e $ 1,275.00 1-1/2" Double Service = $ 4,235.00 P.V.C. Casing Pipe = $ 270.00 Hardware = $ 2,250.00 Open Cut Oslo Road = $ 2,882.50 Gate Valves - $ 1,950.00 DRATNAGE 12" CMP $ 1,130.50 1811 CMP = $ 975.00 Inlet » $ 525.00 Rip Rap Head Wall_ $ 600.00 PAVING 1" Asphalt - $ 7,3?5.80 Base $10,877.30 S ubgrade _ $ 4,010.50 Header Curbs - $ 1,960.00 TOTAL = $65,624.35 257 of the Construction Cost - $16,406.08 Say - $16,406.00 NOTE: Seeding around the lake is not within the dedicated area and therefore, is not included within the seed and mulch work. CERTIFICATION This is to certify that this cost estimate was prepared under my direction and represents a true and accurate estimate of the cost of improvements within the dedicated right-of-way associated with the subject property and improvements constructed under the Land Development Permit for this project. / !lc( 1111\�2L 11 �(_(•l, � Michael P. Walther, P.L. Florida P.E. # 32081 (SEAL) j COASTAL. TECH COASTAL STm ICTINiAL CIVIL LWMECHING ANO n-ANNINQ 4W •o IqLa INDIAN RIVER y FEDERAL S AV ING S S A KH IRREVOCABLE LETTER OF CREDIT NO. 2 May 8, 1986 Indian River County Board of County Commissioners 1840 25th Street Vero Beach, F1. 32960 RE: Maintenance Bond Requirement for Stirling Lake Estates Gentlemen: By order of Stirling Properties and Development Corporation, Indian River Federal Savings Bank hereby establishes an Irrevocable Letter of Credit No. 2 in your favor in the amount of $16,406.00, effective as of May 21, 1986, and expiring at our office at the close of business on August 21, 1987. This Letter of Credit is provided to you as required under the Contract for Required Improvements between Stirling Properties and Development Corporation and Indian River County, relating to the Stirling Lake Estates, which contract is numbered No. SD -85-04-053. Indian River Federal Savings Bank shall make funds available under this credit to you not exceeding in the aggregate the amount of this credit against your sight draft to us mentioning this Letter of Credit No. 2, accompanied by a resolution of the Board of County Commissioners to the effect that Stirling Properties and Development Corporation has defaulted under the terms of the aforementioned contract for required improvements, and that the amount of the draft represents the amount required by the County to fulfill the performance of said contract for the required improvements. Drafts presented for payment under the credit shall be marked, "Drawn on Irrevocable Letter of Credit No. 2 of Indian River Federal Savings Bank." This Letter of Credit sets forth in full the terms of our undertaking. Such undertaking shall not in any way be modified, amended, or amplified by reference to any document, instrument, or contract referred to herein or in which this Letter of Credit is referred to or to which this Letter of Credit related and any such reference shall not be deemed to incorporate herein by reference by document, instrument, or contract. Indian Rivet- Federal Savings Bank hereby agrees that your sight draft and resolution as mentioned above shall be duly honored and payment made upon due presentation to our office located at 590 Beachland Boulevard, Vero Beach, Florida, on or before August 21, 1987. Sincerely, Attest: H. Michael Fallis Gordon G ll91, ic(( President Sr. Vice President 3850 20th Strcct, P.O. Box 1266, Wrt Rc"r1t, I �tiriila 3196 66 305/778-1265