HomeMy WebLinkAboutDevelopers Agreement, Estimated Costs and BondVillages of Sebastian Highlands SUC Lt
RECEIVED JUL 9 9 1989
A General Development Corporation Community
1243 SOUl7-4 U.S. 1
VERO BEACH, FL 32962
July 17, 1989
Robert S. McClary, City Manager
City of Sebastian
P. O. Box 780127
Sebastian, Florida 32978
Dear Mr. McClary:
(407) 569-4300
Attached please find one (1) executed original copy of the Developer's
Agreement and Irrevocable Corporate Performance Bond (along with Cost
Estimate) prepared in conjunction with the development date extension
for SH -16.
I would appreciate it if you would execute or have the Mayor execute
the attached Agreement and Bond and return a copy to me for our files.
If you have any questions, please give me a call.
Very truly yours,
eorge R. Kul zy ! K) G S Qt�F1 --
Director of C mmunity Operations
Attachment ro , O,4L.,
F-000`�
-OA
qe--�Q acr
DEVELOPERS AGREEMENT
This Agreement is entered into the day of June, 1989 between GENERAL
DEVELOPMENT CORPORATION, a Delaware corporation, hereinafter referred to as
"OWNER" and the City of Sebastian, Florida, hereinafter referred to as "CITY".
W I T N E S S E T H
In consideration of the mutual covenants and promises herein contained, the
parties hereby agree as follows:
1. The OWNER agrees to construct those improvements set forth on the attached
construction estimate attached to the I rrevocable Corporate Performance Bond
(hereinafter "Performance Bond") referred to in Paragraph 4 below, as the same are
depicted on the plat of the following described property:
SEBASTIAN
HIGHLANDS
UNIT 16, a
subdivision of Section 13,
Township 31
South, Range
38 East, and
portions of Section(s) 18 and
19, Township
31 South, Range 39 East,
as recorded in Plat Book 8,
Page(s) 45 to
45J and has
replatted the
FIRST REPLAT IN SEBASTIAN
HIGHLANDS
UNIT 16, a
resubdivision
of a portion of Section 18,
Township 31
South, Range
39 East, as
recorded in Plat Book 8, Page
71, both of the
Public Records of Indian
River County, Florida,
A copy of said plat and replat are attached hereto and incorporated herein by
reference.
2. The OWNER agrees to construct said improvements strictly in accordance with the
plans and specifications therefor on file in the office of the CITY Engineer and which
have been marked Exhibit A initialled by the parties and incorporated herein by
reference.
3. The OWNER agrees to complete said construction on or before December 31, 1990
4. In order to guarantee performance of OWNERS' obligations hereunder, OWNER
shall furnish to CITY a Performance Bond in the amount of Four Million Four Hundred
Thousand Seven Hundred Forty Eight Dollars ($4,400,748.00) simultaneously with the
execution of this Agreement hereby attached as Exhibit "B".
5. In the event OWNER fails to satisfactorily complete said improvements within the
time prescribed, the CITY may elect to take all or any of the following actions:
a. Complete the improvements utilizing CITY employees and materials.
b. Contract for the completion of said improvements.
6. Satisfactory completion in accordance with the plans and specifications shall be
determined by written approval of the CITY ENGINEER or his designated assistant.
7. The OWNER shall be liable for all costs, expenses and damages incurred by the
CITY, including attorney's fees, in the event of the OWNERS's default of this
Agreement.
IN WITNESS WHEREOF, the parties have hereunto executed this Agreement on the day
and year first above written.
---- GENERAL DEVELOPMENT CORPORATIO(
A
BY
n
ATTES Gerard P. Mozian, Sr. Vice Pr t
t
Nancy H. Ron, Asst. ecreta y
X CITY OF SEBASTIAN
BY.
LAW/0730/SH. 16/06/06/89
General Development Engineering Company
1111 SOUTH BAYSHORE DRIVE
MIAMI, FLORIDA 33131
General Development Corporation
1111 S. Bayshore Drive
Miami, FL 33131
RE: Sebastian Highlands, Unit 16
Gentlemen:
(305) 350-1472
May 26, 1989
We have reviewed the approved construction plans for this unit. Based
upon the quantities and current construction costs being experienced
in the area, we believe the attached cost estimate (Exhibit A) to be a
true representation of the work remaining to complete.
Sincerely, ,Re !##�
tuart P. Smith,
Registered Engineer -,4.-39163
State of Florida '
41',14
SPS/dm
Attachment
A General Development Subsidiary
"EXHIBIT A"
-ESTIMATED. BOND CO 4..E
...
DATE.. 04-11-89
9
SH --1.6 Wi_ir,K
REMAINING
BOND
ESTIMATE
ESTIMATED
ESTIMATED
ATIM
I TE= l
QUANTITY
UNIT
UNIT PRICE
COST
210000
�rNAL CL.s~�Ai::�/DI,-;�`.. _...-
_
---...`_-_a 4700
AY:,;
$
942.82
$
31.556. 24•
230000
CANAL EXCAVATION
79400.0
lY Y
$
2.06
163564.00
240000
F IIyAL ._SRf 7 11,.. REMOVAL _
T94'; 0.0
CY
`1`
2.75
218350.0)
250000
GRASSING
187763.0
SY
$
0.18
$
34172.7.`-)
2"90000
GREENBELT FIr `L GRAD
715 424.0
115424.0
CY
': i
1
205454.441,
00000
i'°, .:: ` •-R_D _ S ...
1.0
L _+
$.i
100012.87
'k>
100012.87
3200 00
ROA. GRADING
10.0388
MI
$
33761.00
8'= 20. 1_
330000
E' OAD DRAINAGE
9.5389 9
m F.
$
82630.94
$
788210.91.
.._ i_E AW! .L! AT I_ON
__. 44416.6
$i
0.82
^. >
_ 6 c: 51. 6'f
60000 F(7{_7
} RIMI AND S ANI 1
120143.9
SY
$
0.34 4
e`
42901.5:--:
,..._--a..s: .._.
$
2.4 0..
S-:.:..._.-:.:75.
.64+.0...,.....'t ..
80000
GRAS -:IIti GWALE S
186528.4
SY
$
0.23
$
42901.53
430000
CULVER07;
i9.0
NO
$
2500.00
$
47500.00
470000
i. -W A i L -T; fil���_
�12951.0
=
$
75.00
r
y -c -_
480000 0
!.?UARi..fRAIL
134.0
LF
$
17.04
$:
1.
$
4000680.00
Fxhihit "R"
IRREVOCABLE CORPORATE PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS:
That GENERAL DEVELOPMENT CORPORATION, a Delaware corporation, hereinafter
referred to as "PRINCIPAL", is held and firmly bound unto the City of Sebastian,
Florida, hereinafter referred to as "CITY", in the sum of Four Million Four Hundred
Thousand Seven Hundred Forty Eight Dollars ($4,400,748.00), for payment of which it
binds itself, its successors and assigns firmly by these presents.
WHEREAS, PRINCIPAL has platted SEBASTIAN HIGHLANDS UNIT 16, a subdivision of
Section 13, Township 31 South, Range 38 East, and portions of Section(s) 18 and 19,
Township 31 South, Range 39 East, as recorded in Plat Book 8, Page(s) 45 to 45J
and has replatted the FIRST REPLAT IN SEBASTIAN HIGHLANDS UNIT 16, a
resubdivision of a portion of Section 18, Township 31 South, Range 39 East, as
recorded in Plat Book 8, Page 71, both of the Public Records of Indian River County,
Florida, and in connection therewith has agreed to construct certain improvements,
the description and estimated cost of which are more particularly set forth on the cost
estimate hereto attached and made a part hereof;
NOW, THEREFORE, the condition of this obligation is such that if PRINCIPAL shall
promptly and faithfully construct said improvements, and complete the work necessary
therefor by December 31, 1990, then this obligation shall be null and void, otherwise
it shall remain in full force and effect.
If the PRINCIPAL shall be declared in default hereof by the CITY, for failure to
complete said improvements within the time above specified, it shall have sixty (60)
days from the date of notice of said default within which to take whatever action it
deems necessary in order to insure performance. If, at the expiration of sixty (60)
days from the date of said default, no arrangements have been made by the
PRINCIPAL satisfactory to the CITY for completion of said work, then the CITY shall
have the right to complete said work whereupon PRINCIPAL shall pay all costs of
completing said work to the CITY; including, but not limited to, engineering, legal
and other costs, together with any damages, either direct or consequential, on
account of PRINCIPAL's default. After the expiration of the aforesaid grace period,
the CITY shall have the additional right to contract for the completion of said work
upon which the PRINCIPAL has defaulted and upon the CITY's acceptance of the
lowest responsible bid for the completion of said work, the PRINCIPAL shall become
immediately liable to the CITY for the amount of said bid and in the event the CITY
is required to commence legal proceedings for the collection thereof, interest shall
accrue at the highest rate per annum permitted by law, beginning with the
commencement of such legal proceedings.
The CITY recognizes that the PRINCIPAL will not complete all the improvements
described simultaneously. Upon request by the PRINCIPAL, the CITY may elect to
partially release a portion of the PRINCIPAL's obligation on this bond as improvements
are completed and accepted. This bond represents the aggregate bond for the items
listed in the cost estimate. That portion of the bond representing the amount
allocated to each of the listed items of improvements or such lesser amount as the
CITY may determine to be necessary to protect the CITY'S interest in the timely
completion of the remaining portions may be released by the CITY upon request by
the PRINCIPAL without diminishing, in any respect, the PRINCIPAL's obligation for
the remaining aggregate amount of the bond; nor shall the CITY be limited in any
manner in seeking a recovery against the PRINCIPAL on this bond, by the amounts
shown as estimated cost for each item of improvement; as it is recognized that these
figures are estimates and that actual cost of completion of construction may, in each
case, exceed the amount shown. A partial release of the PRINCIPAL's obligation
under this bond shall be evidenced by a letter from the CITY to the PRINCIPAL.
In the event that CITY commences suit for the collection of any sums due hereunder,
the PRINCIPAL agrees to pay all costs incurred by the CITY, including attorney's
fees.
This Performance Bond supersedes and voids that certain Performance Bond for
Sebastian Highlands Unit 16 previously given by PRINCIPAL to the CITY in the
amount of $451,123.23 for work to be completed by June 22, 1983. Additionally this
Performance Bond supersedes and voids that certain Performance Bond dated June 22,
1971, covering both 1st Replat in Sebastian Highlands Unit 16 and the 2nd Replat in
Sebastian Highlands Unit 9 previously given by PRINCIPAL to the CITY in the amount
LAW/0730/SH. 16/06/06/89
of $98,091.04 for work to be completed by August 30, 1983, of which $85,257.00 for
Unit 9 was released by Agreement dated August 15, 1979 between CITY and
PRINCIPAL, and of which the remaining $12,834.04 is released hereby for Unit 16.
0
3ENERAL DEVELOPMENT CORPORATION
3erard P. Mozian, Sr. Vice Pr ent ,l, �) r
CITY OF SEBASTIAN, FLORIDA,
BY: l