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6 <br /> RESOLUTION NO. 2005- 128 <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, <br /> FLORIDA, DECLARING DEFAULT BY GEN <br /> DEVELOPMENT, INC. IN ITS OBLIGATION TO <br /> COMPLETE REQUIRED OFFSITE SIDEWALK <br /> IMPROVEMENTS TO THE PRESERVE OF VERO <br /> PHASE TWO, AND AUTHORIZING STAFF TO <br /> MAKE SIGHT DRAFT AGAINST FIRST BUSINESS <br /> BANK IRREVOCABLE LETTER OF CREDIT NO. <br /> 05-2003 DATED MAY 30, 2003. <br /> WHEREAS, on June 10, 2003 Gen Development, Inc. entered into a <br /> Contract for Construction of Required Sidewalk Improvements No. SD-00-06-08 <br /> SID2 (99060165), relating to The Preserve of Vero Phase Two; and <br /> WHEREAS, that agreement required certain sidewalk improvements to be <br /> constructed on or before May 30, 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 First Business Bank Irrevocable Letter of Credit No. 05-2003 <br /> dated May 30, 2003 in the amount of $23,287.50, with an expiration date of <br /> August 30, 2005. <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 preserve of vero ii.doc <br />