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rY Y <br /> 'l <br /> t. <br /> RESOLUTION NO. 2005- 179 <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, <br /> FLORIDA, DECLARING DEFAULT BY IRC <br /> DEVELOPMENT, L.L.C., IN ITS OBLIGATION TO <br /> COMPLETE REQUIRED IMPROVEMENTS TO THE <br /> LAKES AT SANDRIDGE, PHASE 1, AND <br /> AUTHORIZING STAFF TO MAKE SIGHT DRAFT <br /> AGAINST COLONIAL BANK, N.A. IRREVOCABLE <br /> LETTER OF CREDIT NO. 8035507527-55. <br /> WHEREAS, on August .10, 2004 the Board of County Commissioners of <br /> Indian River County 'approved a Contract for Construction of Required <br /> Improvements No. PD-03-07-17-CFC (2002120179-38772) relating to The Lakes <br /> at Sandridge, Phase I; 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 Colonial Bank, N.A. Irrevocable Letter of Credit No. <br /> 8035507527-55 in the original amount of $1,004,689.62 and subsequently <br /> reduced to $270,366.58, 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 lakes at sandridge ph 1.doc <br />