SUBJECT:
Title
Request Approval of Amendment to the Purchase Agreement and Escrow Agreement with C & K Investments Ocala, LLC Related to the Construction of a Left Turn Lane on County Road 42 Associated with Previously Acquired Property (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 and C & K Investments Ocala, LLC. 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 their development, and to ensure completion of the improvement, $300,000 of the purchase price was placed in escrow with an escrow agent.
The parties have since determined that it would be in the best interest of both parties for Marion County to construct the left turn lane instead of the seller. An engineer’s estimate prepared for the improvement, including a contingency for potential overruns, totals approximately $171,222.48.
The proposed amendment modifies the original agreement to relieve the seller of the obligation to construct the turn lane and provides for the appropriate release and application of the escrowed funds toward construction of the improvement.
BUDGET/IMPACT:
Neutral; escrow funds previously held in the amount of $300,000 will be reduced to $171,222.48 and applied toward the construction of the turn lane improvement.
RECOMMENDED ACTION:
Recommended action
Motion to approve the Amendment to the Purchase Agreement and Escrow Agreement with C & K Investments Ocala, LLC for the construction of a left turn lane on County Road 42 and authorize the Chairman and Clerk to execute the amendment.
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