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y <br /> RESOLUTION NO. 2005- 210 <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, <br /> FLORIDA, DECLARING DEFAULT BY DILECO <br /> DEVELOPMENT, LLC, IN ITS OBLIGATION TO <br /> COMPLETE REQUIRED IMPROVEMENTS TO OAK <br /> HOLLOW ESTATES, AND AUTHORIZING STAFF <br /> TO MAKE SIGHT DRAFT AGAINST FIRST <br /> NATIONAL BANK AND TRUST COMPANY OF THE <br /> TREASURE COAST IRREVOCABLE LETTER OF <br /> CREDIT NO. 2004-20. <br /> WHEREAS, on December 7, 2004 the Board of County Commissioners of <br /> Indian River County approved a Contract for Construction of Required <br /> Improvements No. SD-04-04-15-CFC (2003110238-41312) relating to Oak <br /> Hollow Estates; and <br /> WHEREAS, that agreement required certain improvements to be <br /> constructed on or before October 5, 2005; and <br /> WHEREAS, that agreement to construct required subdivision <br /> improvements has not been complied with; and <br /> F <br /> WHEREAS, in order to guarantee performance of the contract, the <br /> developer provided First National Bank and Trust Company of the Treasure <br /> Coast Irrevocable Letter of Credit No. 2004-20 in the original amount of <br /> $582,375.02, with an expiration date of January 5, 2006. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br /> 1 <br /> F:Wttorney\Nancy\DOCS\RES\Reso calling oak hollow estates.doc <br />