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RESOLUTION NO. 2005- 173 <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, <br /> FLORIDA, DECLARING DEFAULT BY PINE GROVE <br /> OF VERO BEACH, L.L.C., IN ITS OBLIGATION TO <br /> COMPLETE REQUIRED IMPROVEMENTS TO PINE <br /> GROVE SUBDIVISION, AND AUTHORIZING STAFF <br /> TO MAKE SIGHT DRAFT AGAINST HARBOR <br /> FEDERAL SAVINGS BANK IRREVOCABLE <br /> LETTER OF CREDIT NO. 400. <br /> WHEREAS, on August 17, 2004 Pine Grove of Vero Beach, L.L.C. <br /> entered into a Contract for Construction of Required Improvements No. SD-02- <br /> 09-17-CFC (2002050041) relating to Pine Grove Subdivision; and <br /> WHEREAS, that agreement required certain improvements to be <br /> constructed on or before August 10, 2005; 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 Harbor Federal Savings Bank Irrevocable Letter of Credit No. <br /> 400 in the amount of $118,185.50, with an expiration date of November 18, <br /> 2005. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br /> l <br /> l� 1 <br /> FAAttorney\Nancy\DOCS\RES\Reso calling pine grove loc.doc <br />