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Home My WebLink About(#05) Spirit of Sebastiani T H I N K moving You forward F I N A N C I A L Mailing Address IRREVOCABLE LETTER OF CREDIT 4d50 24th Avenue Vero Beach. FL 32962 V: 561982.4700 T 800 873 5100 F: 561.226.5415 To: City of Sebastian Letter of Credit: No. 64 1225 Main Street Sebastian, FL 32958 Date: 6/22/2023 Project: Spirit of Sebastian Pod 2 Subdivision Construction Developer. Spirit of Sebastian, LLC, a Florida Limited Liability Company Expiration Date: 12/31/2023 (Cannot be renewed or extended without the written permission of Spirit of Sebastian, LLC) To Whom It May Concern: This letter of Credit is provided to you as required per Land Development Code Section 54-4- 19.5(f)(2) relating to remaining infrastructure costs associated with Pod 2 of the Spirit of Sebastian Subdivision development.'Fhe City has the right to but is not obligated to complete the remaining infrastructure improvements. We hereby establish our Irrevocable Letter of Credit No. 64, the "Letter of Credit' in the amount of $108,110.15 in your favor for the account of the above -referenced Developer. This Letter of Credit is available against your drtft(s) at sight drawn on us and accompanied by: Your signed statement (purportedly signed by an officer) stating one or more of the following: "The Developer has failed to perform certain of the undertakings, covenants, terms, and conditions of Resolution R-22-26 that approved the subdivision plat with special conditions and the Subdivision Construction Plans dated December 8, 2021 that required roadways, utilities, landscape buffers and other improvements as described therein (including any duly authorized modifications thereto) within the time provided therein and any extension granted by Beneficiary, and during the life of any guaranty required from the Developer, resulting in costs incurred or to be incurred by Beneficiary in the amount of S 108 110.15." HB A tNONnAr9 "The Developer has failed to make prompt payment to persons supplying labor and material, which may include utilities service and equipment rentals, in the prosecution of the work under the Developer, in the amount of $108.110A 5." OR "The Letter of Credit is scheduled to expire in less than thirty (30) days from the date hereof, and Beneficiary has not received a renewal or replacement for the Letter of Credit." This Letter of Credit sets forth in full our understanding to you, and strict compliance with each and all of the terms of this Letter of Credit are required. This Letter of Credit shall not be in any way modified, amended, amplified or limited by reference to any document, instrument, or agreement referred to herein (including, without limitation, Resolution R-22-26 or the Subdivision Construction Plans), and any such reference shall not be deemed to incorporate herein by reference any such instrument, document or agreement. No change, extension of time, alteration, addition or omission to the terns of Resolution R-22-26 or the Subdivision Construction Plans or the work to be performed thereunder or the specifications accompanying same shall in any way affect the terms of this Letter of Credit. Partial draws are permitted. Any partial drawing hereunder shall be endorsed hereon by us and the Letter of Credit shall be returned to the holder hereof (except after a drawing which exhausts the available credit hereunder). This Letter of Credit is transferable upon written notice from you informing us of the name and address of the transferee. The venue is Indian River County, Florida, and any disputes will be governed by the laws of Florida. We hereby agree with drawers, endorsers and bona fide holders of draft(s) drawn under and in compliance with the terms of Letter of Credit that the same shall be duly honored upon presentation at our counters, on or before the Expiration Date Regomod and Authorized by: Robe Vouw, Manag Spirit of Sebastion, LL 'k-NIV,4v. F.wv.c�al C,,A 4 UAZe Issuing Financial Institution By 1+J Anthony Funno Title Assistant Vice Presidcnt Spirit of Sebastian PUD - Pod 2 nECE1VE ENGINEER'S OPINION OF PROBABLE COST MAY � 1023 5/24/23 BY 1, John H. Blum, P.E., a Florida Registered Engineer, Ucense Number 45813, do hereby certify to City of Sebastian that a cast estimate has been prepared under my responsible direction for those improvements itemized In this exhibit and that the total cost estimate plus 10%for said remaining improvements is $108,110.15. This estimate has been prepared, in part, to obtain approval by the City for a fi nal pla t for the Spirit of Sebastia n PUD-Pod 2, and for the purpose of establishing proper surey amounts associated therewith. N „ '10T H. Blum, P.E. I #45813 ' Date: SCHEDULED VALUE %. Total Balance to Item No. Descri tion UNIT QTY UNIT PRICE AMOUNT Complete Complete Finish SITE WORK I 1 Mobilization LS 1 $26,300.00 $26,300.00 100% $26,300.00 $0.001 1 2 Clearing and Grubbino AC 31.89 S1.925.00 $61,388.25 100% $61,388.25 $0.001 1 3 Slit Fence LF 6.000 S2.05 $12300.00 100% 112.300.00 S0.001 1 4 Turbidity Barrier LF 50 $15.00 $750.00 100% $750.00 S0.001 1 5 Ercavation from ponds CY 131,520 32.95 1387,984.00 100% $387,984.00 $0.00 1 6 ICut to balance roadway LS 1 $5.800.00 $5,800.00 100% $5.800.00 S0.00 1 7 Sod for lake slopes SY 22,983 $2.25 $51,711.75 95% 149.126.16 $2,585.59 1 8 Cut to balance lots LS 1 S17.000.00 917,000.00 100% 117.000.00 90.00 1 9 12"Suborade LBR-40 SY 21.323 $6.99 $149.047.77 100% $149.047.77 $0.00 1 10 B" Base Rock LBR - 100 5Y 17.777 $17.01 $302,386.77 100% $302,386.77 $0.00 1 11 11/2 SP-9.5 Pavement SY 17.777 41375 $244,433.75 100% 8244.433.75 $0.001 1 12 RID -Rao 2' SY 1,711 $110.00 S188,210.00 10D% $188,210.00 10.001 1 13 Miami Curb LF 12,732 812.75 1162,333.00 100% $162,333.00 $0.001 1 14 F-Curb IF 890 515.00 513.350,001 100% 113.350.00 50.001 1 15 Sod for behind curbs SY 7,580 $2.40 $18,192.001 95% S17.282.40 $909.601 1 16 StrlDlno, Stop Ba rs,&Sionaoe LS 1 $5.185.70 $5,185.701 0% $0.00 t5.185.701 1 17 T-Tumaround LS 1 $4,500.00 $4,500.001 0% $0.00 $4,500,001 I 1 I � Subtotal 91,650,872.99 99.20% S1.637.692.10 � S13.180.891 I I DEL MONTE I 1 18 Million 1" SY 1,172 $6.50 $7,618.00 100% $7.618,00 $0.001 1 19 Miami Curb 2' LF 980 $14.00 $13,720.00 100% 513.720.00 $0.001 1 20 Pavement 1"SP-9.5 SY 1,172 $12.80 115,001.60 85% 812.751.36 $2.250.241 1 21 Fill Dirt need from Inside LY 720 $5.75 $4,140.00 100% S4,140.00 $0.001 1 22 S'Wide Sidewalk SF 1,925 $5.85 $11,261.25 100% $11.261.25 S0.00 I`1 23 Driveways SF 2,160 $5.85 $12,636.00 100% $12.636.00 S0.001 Subtotal $64.376.85 96.50% $62.126.611 $2250.241 Page 1 of4 Spirit of Sebastian PUD - Pod 2 SCHEDULED VALUE OLD DIXIE HIGHWAY 1 24 Silt Fence 1" LF 1,760 25 MIIIina I" SY 1,320 1 26 1"SP-9,5 Pavement SY 1,320 1 27 I1.5"SP-12.5 Pavement SY 1,320 28 114"Ccaulna Base Rack SY 1,320 29 I Sod for Edge of pavement I Sued 1,956 I SANITARY SEWER 30 1Uft Station EA 1 31 Manholes 18'-20' EA i 3 32 IManholes 16'- 18' EA 3 33 IManholes 14'-I6 EA 2 34 IManholes 12"-14' EA 3 35 IManholes 10'-12' EA 3 36 IManholes F-10' EA 4 37 IManholes 6'-8' EA 4 38 Driveway for Uft Sta. EA 1 39 PVC 6'-8' LF 1,192 1 40 IPVC 8'-10, F 926 41 PVC 10'-12' IF 887 1 42 1PVC 12114' tF 865 1 43 IPVC 14'-I6' LF 445 1 94 IPVC 16'-18' LF 571 1 45 IPVC 18'-20' LF 356 46 20'Cut PVC LF 21 47 Slnale Service EA 11 1 48 Double Service EA 43 1 49 I I Tving Sewer LF 5,263 I Water Main 50 12"C-900 PVC LF 880 1 51 12"K)GV EA 3 52 112" x 8" 141 Tee EA I Total Balance to UnDlete Finish $2.05 $6.90 $13.75 $13.75 $29.35 $2.40 $3,608.00 $9.108.00 $18.150.00 S18.150.00 $38,742.00 $4,694.40 100% 100% 100% 100% 100% 95% S3,608.00 S9.108.00 $18.150.00 $18.150.00 $38.742.00 $4,459.68 $0.00 SO.00 90.D0 $0.00 $0.00 $234.72 Subtotal $92,452.40 99.75% $92,217.681 $234.72 $273,512.25 $273,512.251 100% $273,512.25 $0.00 $8-720.00 $26160..6 100% 26160.00 $0.00 $7,455.00 $22,365.00 100% $22,365.00 $0.00 $7.190,00 814380.001 100% $14.380.00 $0.00 $6,875.00 $20,625.001 100% $20,625,00 M.00 $6,540.OD 119,620,001 100% $19,620.00 SO.00 $5,850.00 $23.400.001 100% $23,400.00 $0.00 $4,900.00 $19.600.00 100% $19.600.00 $0.00 $7,100.00 $7,100.00 100% 0,100.00 $0.00 $28.0d $33,376.00 100% $33376.00 50.00 $30.8 $28,520.80 100% $28,520.80 $0.00 $33.70 $29.891.90 100% $29,891.90 50.00 $35.00 $30.275.00 100% $30,275.DO $0.00 $36.80 $16.376.00 100% $16,376.00 SO.00 S37.45 $21383.95 100% $21,383.95 $0.00 $39.26 $13,955.20 100% $13,955.20 $0.00 $42.06 $882.00 100% 4882.00 $0.00 $1,205.00 $13.255.00 100% $13,255.00 $0.00 $1,365.00 $SS.695.00 100% $58,695.00 $0.00 $3.0� $I6A52.15 100% $16,052.15 $0.00 Subtotal $689.425.25 100.00% $689,425.25 $0.00 $74.90 $65,912.00 100% $65,912.00 $0.00 $4,238.00 $12,714.00 100% $12,714.00 $0.00 $1,390.00 $1,390.00 100% $1,390.00 $0.00 Page 2 of 4 Spirit of Sebastian PUD - Pod 2 53 54 55 56 57 58 59 81 82 83 84 85 86 87 88 89 90 91 92 SCHEDULED VALUE % I Total I Balanceto 12" MI 45 Degree Bend EA 2 $1,285.00 $2,570.00 100% $2,570.00 $0,001 TemmoreryJumper EA 1 $3,100.00 $3,100.00 100% $3,100.00 $0.00 12"Tie-in FA 1 $3,075.00 $3,075.00 100% $3,075.00 $0.00� 12"x8"M]Reducer EA 1 $1,075.00 $1,075.00 100% $1,075.00 $0.001 12"Megaluqs LS 1 $5,096.00 $5,096.00 100% $5,096.00 $0.00I 12"M] Pluq EA 1 $820ZO $820.00 100% $820.00 $0.00 8"C-900 PVC tF 2,678 $36.70 $98,282.60 100% $98,282.60 $0.001 8" MI GV EA 7 $2,528.00 $17.696.00 100% $17,696.00 $0.001 8" MI 45 Decree Bend EA 10 $702.00 $7.020.00 100% $7,020.00 $0.001 8"x8"hD Cross EA 2 $1,155.00 $2.310.00 100% $2310.00 $0.001 8"M7 Pluo EA 2 $680.00 $1360.00 100% $1360.00 $0.001 8"MI 22.5 Bend EA 1 $702.00 $702.00 100%I $702.00 $0.001 8" Conflld: Deflection EA 4 $1,375.06 $5500.00 100%1 $5,500.00 $0.001 8" x 2" M7 Tee EA I 1 1 $795.00 $795.001 100%1 $795.00 $0.001 8"x.5"Tee EA 1 31 $901.0Q $2,703.001 100%I $2.703.00 $0.001 8"x6"Reducer EA 1 21 $740.06 $1,480.001 100%1 $1.480.00 50.001 8"Meaalums Is I I I $s,500A6 $5,500,001 100%1 $5,500.00 $0.001 6"C-900 PVC IF 1 4,2021 $29.40 $123,538.801 100%1 $123,538.80 S0.001 6" x 6" Remoove & connect EA I 11 $475.00 $475.001 100%1 $475.00 $0.001 6"xVPU Cross EA iI $770.06 $770.001 100%1 $770.00 $0.001 6"M] GV EA 13 $1,500.06 $19,500.00 100% $19,500.00 $0.001 6" MI 22.5 Bend EA 11 $670.00 $7370.00 100% $7,370.00 $0.001 6" MI Pluq EA 3 $620.00 $1,860.00 100% $1,860.00 S0.001 6" Conflict Deflection EA 5 $1,375.00 $6,875.00 100% $6,875.00 Semi 6"Tee EA 4 $704.06 $2,816.00 100% $2,816.00 $0.001 6" MI 45 Decree Bend EA 31 $670.00 $20,770.00 100% $20,770.00 $0.001 6" MI Cam EA 4 $450.00 $1,800.00 100% $1.800.00 $0.001 6"x2"Blow Off EA 2 $702.40 $1,404.80 100% $1,404.80 $0.001 Remove exlstina 6" Plua EA 2 $650.00 $1,300.00 100% $1,300.00 $0.001 I" Water Meter EA 1 $2,975.00 $2,975.00 100% $2,975.00 $0.001 Samole Points EA 9 $750.00 $6,750.00 100% 96,750.00 $0.001 6"Megaluqs LS 1 $4,880.00 $4,880.00 100% $4,880.00 $0.001 2"Jummer EA 1 $2,900.00 $2,900.00 100% $2,900.00 $0.001 Pressure Testinq IS I $4,500.00 $4,500.00 100% $4,500.00 $0.001 CH-Unes IS 1 $3,900.00 $3,900.00 100% $3,900.00 $0.001 1"RPZ EA 1 $3,150.00 $3,150.00 100% $3,150.00 Semi 1" Brass Hcse Bib EA 1 $2,190.OD $2,190.00 100% $2,190.00 $0.001 Fire Hydrant EA 8 $5,750.60 S46,004.80 100% $46,004.80 50.001 Single Service EA 4 $1,356.35 $5,425.40 100% $5,425.40 $0.00 Double Service EA 33 $1,715.20 $56,601.60 1000k 156,601.60 $0.00 Page 3 of4 CF7 Spirit of Sebastian PUD - Pod 2 SCHEDULED VALUE % Total Balance to UNIT I QTY I UNIT PRICE I AMOUNT Complete Complete Finish I FORCE MAIN I I 93 6'PVC LF 3,454 I 94 6" M3 90 Decree Bebn E 4 1 95 6" M3 22.5 Dearee Bend E 1 1 96 6" M3 45 Decree Bend E 22 1 97 6" x 6" M3 Tee EA 1 1 98 6" M3 Gv EA 6 I 99 6"Plus EA I I too 6"Menalum _ LS 1 _ I 101 Conflicts EA 5 I 102 6"Tie-in EA 1 1 103 Pressure Testinq LS 1 I MISCELLANEOUS I I I 104 Common Area Landscaoino&Irrlaa0on LS I 105 FPL Installation Contribution LS 1 I 106 Survev PRM's, PCP's, & Lot Corners LS I 107 Asbulit Surveys LS I 108 I I Engineer's Certification LS Subtotal $566.857.00 100,00% $566,857.00 $29.20 $100,856.80 100% $100.856.80 $802.00 $3,208.00 100% $3.20&00 $770.75 $770.75 100% 1770.75 $770.75 S16,956.50 100% $16,956.50 $790.80 $790.80 100% $790.80 $1,528.60 $9,171.60 100% $9,171.60 $690.00 $690.00 100% $69100 $9,801.50 $9,801.50 100% $9,801.50 $1,375.00 $6,875.00 100%i $6,875.00 $2,900.00 $2,900.00 100% $2.900.00 $2,500.00 $2.500.00 100% $2,500.00 Subtotal $154.520.95 100.00% $100,000.00 $100,000.00 23% $29,911.04 $29.911.04 90% $10,135.00 $10,135.00 100% $15,000.00 $15.000.00 95% $7,500.00 $7500.00 75% Subtotal $162,546.04 49.17% $0.001 $0.001 $0.001 $0.001 $0.001 S0.00I $0.001 $0.001 $0.001 S0.001 $0.001 $0.001 $154.520.951 $0.001 $23.000.00$77.000.aol $26.919.941 $2,991.101 $10,135.00 $0.001 $14.250.00 $750,001 $5,625.001 $1,875,001 $79,929.941 $82,616.101 I TOTALS $3,381,051.48 97.09% $3,282,769.531 $98,281.951 Letter of Credit Amount (1..0%) $108,110.151 Page 4 of4