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RESOLUTION NO. 2005- 133 <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 (NOW KNOWN AS FIRST BUSINESS BANK) <br /> IRREVOCABLE LETTER OF CREDIT NO. 05-2003 <br /> DATED MAY 30, 2003, AS AMENDED. <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; and <br /> WHEREAS, by amendment dated August 29, 2005 First Business Bank <br /> (now known as Florida Business Bank) extended the expiration date of <br /> Irrevocable Letter of Credit No. 05-2003 and increased the amount to <br /> $32,812.50; <br /> 1 <br /> F:\Attorney\Nancy\DOCS\RES\Reso 2nd calling preserve of vero ii.doc <br /> r <br />