SUBJECT:
Title
Request Approval of Amendment to the Purchase Agreement and Escrow Agreement with C & K Investments Ocala, LLC Related to Construction of a Left Turn Lane on County Road 42 (Budget Impact - Neutral)
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INITIATOR: |
DEPARTMENT: |
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Steven Cohoon, PE, County Engineer |
Office of the County Engineer |
DESCRIPTION/BACKGROUND:
This item requests approval of an Amendment to the Purchase Agreement and Escrow Agreement between Marion County, C & K Investments Ocala, LLC, and the escrow agent related to property previously acquired by the County. Under the original Purchase Agreement dated December 19, 2023, the seller agreed to construct a left turn lane on County Road 42 at the entrance to its development. To ensure completion of the improvement, $300,000 of the purchase price was placed into escrow.
The proposed amendment transfers responsibility for construction of the left turn lane from the seller to Marion County. The amendment also revises the agreement to provide that completion of the left turn lane will coincide with the County's construction of the County Road 42 project (identified in the Transportation Improvement Program (TIP) as project R44), replacing the seller's separate construction obligation and associated completion timeframe.
Additionally, the amendment revises the escrow provisions to provide that, upon completion of the improvement, Marion County will be reimbursed from escrow for the actual documented cost of constructing the left turn lane, with the remaining escrow funds released to the seller. Following the disbursement of the escrow funds, the escrow agreement will terminate.
BUDGET/IMPACT:
Neutral; the previously established $300,000 escrow will be disbursed in accordance with the amended agreement. Marion County will be reimbursed for the actual documented cost of constructing the left turn lane, with the remaining escrow funds released to the seller.
RECOMMENDED ACTION:
Recommended action
Motion to approve the Amendment to the Purchase Agreement and Escrow Agreement among Marion County, C & K Investments Ocala, LLC, and Affiliated Title of Central Florida, LTD related to the construction of a left turn lane on County Road 42, and authorize the Chairman and Clerk to execute the amendment.end