To: Jeff Galt, President, Maritime Park Development Partners, LLC
From: Lacey Collier, Chairman, Community Maritime Park Associates /s/
CC: Community Maritime Park Associates Board of Trustees
Al Coby, City Manager
Edward P. Fleming, CMPA Legal Counsel
Mark Lawson, MPDP Legal Counsel
Date: February 23, 2010
Re: Letter of Intent from Bonding Company
Maritime Park Development Partners, LLC (MPDP) has officially requested to be selected as the General Contractor (GC) for all elements of the Community Maritime Park Project. This request is governed by Section 4.08 of the agreement executed by all parties on August 14, 2009.
The selection of MPDP as the GC is at the sole discretion of Community Maritime Park Associates (section 2.01(a)(3) & section 4.08(a)). In order to evaluate MPDP as the GC, CMPA is to take into consideration many factors, including financial capacity at risk and other financial information (4.08(b)). Section 4.08(c)(11)) required that in order for the Developer to be considered as the GC, “No later than…two (2) months after the Public Financing, the Developer shall provide to CMPA with a letter of intent,…from a surety company with an A-rated Best rating that the company will provide the Developer with a payment and performance Bond for the type and scale of the construction project contemplated”.
MPDP was requesting to be deemed the GC for the entire project. That would result in a bond of $38,000,000. The Public
Financing was completed by the City of Pensacola on December 18, 2009. The 60th Day was February 16, 2010. Allowing for the three (3) legal holidays in the intervening period, the letter of intent from a bonding company was due to CMPA on February 19, 2010.
At the January 22,2010 CMPA Board of Trustees meeting, the video shows you personally stating that you were aware of the deadline. In the video, you actually stated the date of Sunday, February 21, 2010 as your understanding of the deadline. Without this critical financial information, unfortunately CMPA cannot evaluate your request to serve as the GC and must conclude that it is not in our best interest to have MPDP serve as the GC.