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HomeMy WebLinkAbout2000-031- F- 00 1 /t rl o p_d31 Sea Oaks River Cottages, P.D. PLAN(cash)LEGAL(WGClnhm) for use with Contract for Construction of Required Improvements CASH DEPOSIT AND ESCROW AGREEMENT THIS AGREEMENT is entered into thisa-9*11 day ofF f , 2000, by and between Sea Oaks Investment, Ltd., a Florida tim{ted w rthership (Developer), and INDIAN RIVER COUNTY, a political subdivision of the State of Florida (County); WITNESSETH; WHEREAS, Developer is effecting a subdivision of certain property within Indian River County 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: i. The Developer has tendered to the County Office of Management and Budget (Escrow Anent) the sum of TaLg ick rfirc=e lei 1nt�re[Y� 3� tl�� IIrS ($v�i.3G�C3i� ), the receipt whereof is hereby acknowledged, which sum shall be held to 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 Improvements, which agreement is attached hereto and incorporated herein by reference (Contract). 2, Upon completion of any distinct or separable phase or improvement, or independent portion thereof, the developer may obtain a disbursement from the escrow account by making a written request to thw Board of County :.if indi-ar. Ri.,ur L;;w;iy iieuugii 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, the estimated cost of all remaining work which is secured by the escrow account, and that the work for which disbursement is requested has been completed in accordance with the most recent set of plans and specificetions approved and on fila with the County, 3. The amount of any given disbursement shall not exceed eighty (80%) percent of the total cost or improvements certified as being completed under the 4W s f - F- 00 1 /t rl o p_d31 Sea Oaks River Cottages, P.D. PLAN(cash)LEGAL(WGClnhm) for use with Contract for Construction of Required Improvements CASH DEPOSIT AND ESCROW AGREEMENT THIS AGREEMENT is entered into thisa-9*11 day ofF f , 2000, by and between Sea Oaks Investment, Ltd., a Florida tim{ted w rthership (Developer), and INDIAN RIVER COUNTY, a political subdivision of the State of Florida (County); WITNESSETH; WHEREAS, Developer is effecting a subdivision of certain property within Indian River County 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: i. The Developer has tendered to the County Office of Management and Budget (Escrow Anent) the sum of TaLg ick rfirc=e lei 1nt�re[Y� 3� tl�� IIrS ($v�i.3G�C3i� ), the receipt whereof is hereby acknowledged, which sum shall be held to 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 Improvements, which agreement is attached hereto and incorporated herein by reference (Contract). 2, Upon completion of any distinct or separable phase or improvement, or independent portion thereof, the developer may obtain a disbursement from the escrow account by making a written request to thw Board of County :.if indi-ar. Ri.,ur L;;w;iy iieuugii 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, the estimated cost of all remaining work which is secured by the escrow account, and that the work for which disbursement is requested has been completed in accordance with the most recent set of plans and specificetions approved and on fila with the County, 3. The amount of any given disbursement shall not exceed eighty (80%) percent of the total cost or improvements certified as being completed under the i C-3 40 preceding paragraph; i.e., twenty (20%) percent of the cost of each phase, improvement, or portion thereof, shall be retained in the escrow account until the final reduction, which shall occur only after issuance of a Certificate of Completion in accordance with the County's Subdivision and Platting Ordinance. 4. Notwithstanding the above disbursement limits, at no time shall the escrow account balance be reduced below an amount equal to one hundred fifteen (115%) percent of the most recent approved cost estimate of the remaining required imnrnvements. 5. 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 accompanying cost estimates and certifications, the Public Works Director shall notify in writing the County Office of Management and Budget. The Office of Management and Budget shall make the disbursement as approved by the Public Works Director directly to Developer. 5. Upon default by developer under the Contract, the County may elect to pursue any of the remodies 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, its legal representatives, successors or assigns. 7. Any interest earned during the term of escrow, less administrative expenses, shall be disbursed to Developers at close of escrow. B. 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, or to benefit any lot purchase, while such funds remain subject to this escrow agreement, unless and until the County shall agree othcrsiise In writing, Thus Coeuriiy };w.11 " -A be .. ;arty Of the aforementioned parties for claims against the Developer or contractor relating to the required subdivision improvements. 9, 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. "rhis Agreement shall not be assigned without the express written approval of the County. Any amendment, rlelrtinn, mum ifif,; ii-, aY.i[ n. 1Crt, or revision hereof 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. WITNESSES: sign: print narn sign: print no e: 46A -t!s Q Lu;,n Date: 7 -1,4 - 0d ATTEST: JiaffrAyJ�., Barton, Cle�r� BY(-1�- PATRICIA M. RIDGELY SEA OAKS INVESTMENT, LTD., a Florida limited partnership, DEVELOPER By: SEA OAKS INVESTMENT GP, LTD.,a Florida limited partnership, General Partner By: Sea Oaks Investment GP, L.C., a Florida limited liability company, General Partner By: Constructa, Inc., a Delaware corporation , Martoorng member Ma B prelp tit too, P icfp4i (President or Vice President) (SEAL) Office anage7mp t ? /Aod Budget By: Jas Brown, Manager Brown, INDIA RIVER COUNTY, FLORIDA Fran B. Adams, Chairman Board of County Commissioners APPROVED AS TO FORM AND LEGAL SUFFICIENCY: 13y: willi�-irn G. Collins 11 Deputy County Attorney WI • 17M 40 FORM 5[agre e l ILE GAL(MClnhm: for use with cash deposit and escrow agreement CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS NO. PD -96 -06 -i4 -A(96030108-008) THIS CONTRACT, made and entered into this / rday of 1«n qtr , 2000, by and between Sea Oaks Investment, Ltd., a Florida limited p�artne ihsr p, 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 is commencing proceedings to effect a subdivision of land within Indian River County, Florida; and WHEREAS, a final plat of the subdivision within the unincorporated area of Indian River County shall not be recorded until the Devetoper has installed the required improvements or has guaranteed to the satisfaction of the County that such improvements will be installed; and WHEREAS, Developer requests the approval and recordation of a certain plat to be known as Sea Oaks River Cottages, P.D.; and WHEREAS, the required improvemerAs are to be installed after recordation of this plat under guarantees posted with the County. NOb'V, THE=REFORE, IN CONS I DI7,RATI ON OF THE MUTUAL �� ^ COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as follows: 14 zllat 1. Developer agrees to construct on or before 1 /01x l x aP�I.]k j6aJ.nitial good and workmanlike manner, those improvements described as follows: Sce k,tta[;hud Exhibit "A" ur uthurwise required by Lite Indian river County Code in connection with the approval of said plat. A copy of the plat shall be recorded in the Public Rewords of Indian River County, Florida upon the final approval of the Board of County Commissioners and made a part hereof for all purposes. • CA M 2. Developer agrees to construct said improvements strictly in accordance with the land development permit, the most recent set of plans and specifications for this subdivision approved by the County and on file in the Planning and Development Division, and all County development regulations and standards, including conditions and requirements of any applicable County right-of-way permit, all of which are hereby incorporated by reference and made a part hereof. 3. In order to guarantee performance of this contract, Developer shall simultaneously herewith furnish an executed cash deposit and escrow agreement, in a form to be approved by the County Attorney, between Developer and the Indian River County Office of Management and Budget, as the escrow agent, in the amount of [ , which amount is not less than one hundred fifteen percent (115%) of the estimated total cost of improvements remaining to be constructed, as determined in accordance with the County's Subdivision and Platting Ordinance. It is understood that the full amount of the escrow deposit shall remain available to the County and shall not be reduced during the course of construction without an express written modification thereof, the escrow agreement executed by all the parties. Requested reductions shall not be unreasonably withheld by the County. Developer may at any time substitute guarantees, subject to the approval as to form and amount by the County. 4. Up to $1,000,000.00, or the limits of any applicable underlying or excess insurance coverage carried by Developer or to be obtained during the course of the construction of the subdivision improvements, Developer agrees to indemnify, hold harmless, and defend the County against any and all claims, damages, losses, and expenses, including attorney's fees, for property damage, personal or bodily injury, or loss of life, arising from the negligent acts or omissions of the Developer, its officers, employees, agents, or contractors, subcontractors, laborers, or suppliers, relating to the construction of the required improvements, including all those improvements to be constructed on existing publicly dedicated or County -owned property, such as street, sidewalk, bikepath, lighting, signalizat on, traffic control, drainage, water, or sewer impruveme:,ts. 5. The County agrees to approve the plat for recordation in the Public Records of Indian River County, Florida upon a finding as to compliance with all applicable provisions of the County's Subdivision and Platting Ordinance and upon execution hereof. The County shall accept those areas specifically dedicated to the County for the purposes Indicated on the plat at the time of plat recordation, However, nothing, herein shall be construed as creating an obligation upon the County to perform any act of construction or maintenance within such dedicated areas until such time as the required improvements are satisfactoriiy completed. Satisfactory completion in accordance with the land development permit, plans, spec'nfirstions, and ordinance requirements of Indian Rivor County shall be determined by the t;ounty and shall be C-> • Mb indicated by specific written approval of the Public Works Director or his designated representative, after receipt of a signed and sealed Certificate of Completion from the project engineer of record. 6. In the event the Developer shall fail or neglect to fulfill its obligations under this contract and as required by the Indian River County Code, the Developer, as principal, and the funds in escrow deposit shall be liable to pay for the cast of construction and installment of the required improvements to the final total cost, including but not limited to engineering, construction, legal and contingent costs, including reasonable attorney's fees incurred by the County, together with any damages, either direct or consequential, which the County may sustain as a result of the failure of Developer to carry out and execute all provisions of this contract and applicable ordinances of the County. 7. The parties agree that the County at its option shall have the right, but not the obligation, to construct and install or, pursuant to receipt of competitive bids, cause to be constructed and installed the required improvements in the event Developer shall fail or refuse to do so in accordance with the terms of this contract. Developer expressly agrees that the County may demand and draw upon the cash deposit for the final total cost of the improvements. Developer shall remain wholly liable for any resulting deficiency, should the cash deposit be exhausted prior to completion of the required improvements. In no event shall the County be obligated to expend public funds, or any fund other than those provided by the Developer to construct the required improvements. 8. Any cash deposit provided to the County by Developer with respect to this contract shall exist solely for the 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 subcontractor, laborer, materialman or other party providing labor, material, supplies, or services for construction of the required improvements, or to benefit any lot purchaser(s), unless the County shall agree otherwise in writing. 9. This agreement is the full and complete understanding of the parties and shall not be cnnsfrued or amplified by referranre to any other agreement, discussiull, car understanding, whether written or oral, 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 hereof or hereto shall be in writing, executed by authorized representatives of both parties. IN WITNESS WHEREOF, the parties hereto have set their hands and seals osa the day and year first above written. i i Am ATTEST: Jeffrey K. Barton, Clerk----., Ai'PROVED AS -lo FoRm AND LEGAL SUFFICIENCY: By: William G. Collins II D1Cp;qty CuUnty Aitornvy INDIAN RIVER COUNTY, FLORIDA By , �� Fran B. Adams, Chairman Board of County Commissioners 4 SEA DAIS INVESTMENT, LTD., a Florida limited partnership, DEVELOPER By: SEA OAKS INVESTMENT GP, LTD., a Florida limited partnership, General Partner By: Sea Oaks Investment GP, L.C., a Florida limited liability company, General Partner WITNESSES: By: Constructa, Inc., a Delaware corporation sign:(73(4aa-� Managing Member print nam By' sl n: `'� -� pri to J ti -- , eez- /'r�9.rlt� n print n e: u (President or Vice President) (SEAL) ATTEST: Jeffrey K. Barton, Clerk----., Ai'PROVED AS -lo FoRm AND LEGAL SUFFICIENCY: By: William G. Collins II D1Cp;qty CuUnty Aitornvy INDIAN RIVER COUNTY, FLORIDA By , �� Fran B. Adams, Chairman Board of County Commissioners 4 4W i , � I:,• CARTER ASSOCIATES, INC. CONSULTING ENGINEERS AND LAND Sl 1711H 21H] STRUT "-k: 110 HUACAL FIX)RIDA 320611-:147.1 56502;7 RO IFAXI January 10, 2000 Mr. Christopher Kafer, P.E. Indian River County Engineering Department 1840 25th Street Vero Beach, FL 32960 RE: Sea Oaks River Cottages Survey Estimate for Installation of Lot Corners Dear Mr. Kafer: ""I' IN, , 1111 It ,� i1 \tl I't ", 'I ill 'NI Ill 311q. PI Y111111L 111111110 P, 'I ,.I $.I It IM Y. Ill 1, John H. Blum, a Florida Registered Engineer, License No. 45813, do hereby certify that a cost estimate has been prepared Linder my responsible direction for the installation of individual lot corners and that the total cost estimated for said irriprDVCn1ertS is $2,000, This Estimate has. been prepared, in part, for the purpose of establishing proper surety amounts associated with the recordings of a final plat by Indian River County for Sea Oaks River Cottages, P D Required Bond Equals 115% of Above Total $ 2.300,00 L14 &--- /—/0 - OC) 'in H. Blum, RE, 045813 Date: cc: Dan Young- Jeff131ackstone tl\JMBkSEAOAKS\Piv*rCottage-Bond.doc