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RESOLUTION NO. 2002-016 <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN IVER BY BRACKET <br /> FLORIDA, DECLARING DEFAULT <br /> FAMILY LIMITED PARTNERSHIP IN ITS <br /> OBLIGATION TO COMPLETEREQUIRED <br /> IMPROVEMENTS TO HUNTER'S <br /> SUBDIVISION, AND AUTHORIZING STAFF TO <br /> MAKE SIGHT DRAFT AGAINST INDIAN RIVER <br /> NATIONAL BANK IRREVOCABLE LETTER OF <br /> CREDIT NO. 01-0092 DATED JUNE 11, 2001. <br /> WHEREAS, on July 10, 2001 Brackett Family Limited Partnership, by and <br /> through its General Partner, Robert L. Brackett, entered into a Contract for <br /> Construction of Required Improvements No. SD-01-01-01-CFC (2000070021), <br /> relating to Hunter's Run Subdivision; and <br /> WHEREAS, that agreement required all subdivision improvements to be <br /> constructed on or before December 31, 2001; and <br /> WHEREAS, that agreement to construct required subdivision <br /> improvements has not been complied with; and <br /> WHEREAS, in order to guarantee performance of the contract, the <br /> developer provided Indian River National Bank Irrevocable Letter of Credit No. <br /> 01-0092 dated June 11, 2001 in the amount of$851,536.13, <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br /> 1. That Brackett Family Limited Partnership has defaulted under the <br /> terms of the aforementioned Contract for Construction of Required <br /> Improvements. <br /> 3/2002RESO(LEGAL)WGC/nhm 1 <br />