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RESOLUTION NO. 2005- IRn <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, <br /> FLORIDA, DECLARING DEFAULT BY DIAMOND <br /> COURT L.P., LTD., IN ITS OBLIGATION TO <br /> COMPLETE REQUIRED IMPROVEMENTS TO <br /> DIAMOND COURT VILLAGE SUBDIVISION, AND <br /> AUTHORIZING STAFF TO MAKE SIGHT DRAFT <br /> AGAINST SUNTRUST BANK IRREVOCABLE <br /> LETTER OF CREDIT NO. P001425, AS AMENDED. <br /> WHEREAS, on August 17, 2004 the Board of County Commissioners of <br /> Indian River County approved a Contract for Construction of Required <br /> Improvements No. SD-03-06-16-CFC .(2002040105) relating to Diamond Court <br /> Village 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 SunTrust Bank Irrevocable Letter of Credit No. P001425 in <br /> the original amount of $318,602.29 which has been subsequently amended and <br /> reduced by Amendment Nos. 001 and 002 to the current amount of <br /> $143,078.06, with an expiration date of November 10, 2005. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br /> 1 <br /> FAAttorney\Nancy\DOCS\RES\Reso calling diamond court village subdivision.doc <br />