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2005-029
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2005-029
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Last modified
6/5/2017 12:13:32 PM
Creation date
9/30/2015 4:23:29 PM
Metadata
Fields
Template:
Resolutions
Resolution Number
2005-029
Approved Date
03/15/2005
Agenda Item Number
7.V.
Resolution Type
Sidewalk Construction
Entity Name
Arbor Trace Development
Irrevocable Letter of Credit
Subject
Construction of Required Sidewalk Improvements
Declaring Default by Arbor Trace Development
Archived Roll/Disk#
3129
Supplemental fields
SmeadsoftID
1195
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RESOLUTION NO. 2005- 029 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, DECLARING DEFAULT BY ARBOR <br />TRACE DEVELOPMENT, INC. IN ITS OBLIGATION <br />TO COMPLETE REQUIRED IMPROVEMENTS TO <br />ARBOR TRACE — PHASE 11 — P.D., AND <br />AUTHORIZING STAFF TO MAKE SIGHT DRAFT <br />AGAINST WACHOVIA BANK, NATIONAL <br />ASSOCIATION IRREVOCABLE STANDBY LETTER <br />OF CREDIT NO. SM201393W DATED DECEMBER <br />20, 2002, AS AMENDED. <br />WHEREAS, on August 6, 2002 Arbor Trace Development, Inc. entered <br />into a Contract for Construction of Required Improvements No. PD-99-09- <br />13PH2CFC (98090107), relating to Arbor Trace — Phase II — P.D. which contract <br />was amended by Modification to Contract for Construction of Required <br />Improvements No. PD-99-09-13PH2CFC (98090107) dated December 17, 2002; <br />and <br />WHEREAS, on December 17, 2002 Arbor Trace Development, Inc. also <br />entered into a Contract for Construction of Required Sidewalk Improvements No. <br />PD-99-09-13PH2-CFCSIDE (98090107); and <br />WHEREAS, those agreements required all subdivision improvements to <br />be constructed on or before December 31, 2004; and <br />WHEREAS, those agreements to construct required subdivision <br />improvements have not been complied with; and <br />WHEREAS, in order to guarantee performance of the contracts, the <br />developer provided Wachovia Bank, National Association Irrevocable Standby <br />Letter of Credit No. SM201393W dated December 20, 2002 in the amount of <br />1 <br />F:\Attorney\Nancy\DOCS\RES\Reso calling arbor trace 2 loc 2nd.doc <br />
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