Title
APPROVAL OF THE RELEASE OF CONSTRUCTION BOND FOR REQUIRED INFRASTRUCTURE IMPROVEMENTS TO MANASOTA BEACH RANCHLANDS LLC
Description
On October 20, 2020, the Sarasota County School Board entered into an Exchange Agreement (the “Agreement”) with Manasota Beach Ranchlands LLP (“Manasota”), the developer of Wellen Park. The Agreement provides for, among other things, the construction of certain improvements by Manasota for the benefit of the school district and its plans to construct Wellen Park High School. Article 13.2. of the Agreement requires that the construction of the improvements be secured by bonds.
On April 6, 2021, the First Amendment to Exchange Agreement was entered into between the parties, fully amending and restating Article 13. The restated Article 13 requires that the two construction contracts between Wellen Park Construction, LLLP, an affiliate of Manasota, and Frederick Derr and Company Inc., Contractor for the infrastructure improvements be secured by a bond or bonds in the approximate amount of $5,112,121.96. On or about May 18, 2021, a Second Amendment to Exchange Agreement was entered into between the parties which, among other things, included the form of the Surety Bond as Exhibit “1”. Photocopies of both amendments are attached.
Our engineers have certified that the infrastructure improvements have been completed in accordance with the plans and specifications for the project and it is now appropriate to release the bond submitted by Manasota.
Gap Analysis
N/A
Previous Outcomes
N/A
Expected Outcomes
That the release of the bond be approved as presented.
Strategic Plan Goal
Pillar 4 - Every School Equipped
Priority 4.1 - Maintain Sustainable Financial Practices
Priority 4.2 - Create High Quality Infrastructure
Recommendation
That the release of the Bond to Manasota Beach Ranchlands LLC be approved as presented, and that the Chair is authorized to sign such documents as may be necessary to release the Bond.
Contact Information
JANE DREGER jane.dreger@sarasotacountyschools.net
JODY DUMAS jody.dumas@sarasotacountyschools.net
MICHAEL KEMP michael.kemp@sarasotacountyschools.net
Financial Impact
N/A