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RESOLUTION NO. 2005- 211 <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, <br /> FLORIDA, DECLARING DEFAULT BY SHOWCASE <br /> DESIGNER HOMES, L.C. IN ITS OBLIGATION TO <br /> POST ALTERNATE SECURITY TO GUARANTEE <br /> COMPLETION OF REQUIRED IMPROVEMENTS TO <br /> ANSLEY PARK PLANNED DEVELOPMENT, AND <br /> AUTHORIZING STAFF TO MAKE SIGHT DRAFT <br /> AGAINST BANK OF AMERICA IRREVOCABLE <br /> STANDBY LETTER OF CREDIT NO. 3060849. <br /> WHEREAS, on February 3, 2004 the Board of County Commissioners of <br /> Indian River County approved a Contract for Construction of Required Sidewalk <br /> Improvements No. PD-02-06-09-CFCSIDE (2001080023) relating to Ansley Park <br /> Planned Development; and <br /> WHEREAS, in order. to guarantee performance of the contract, the <br /> developer provided Bank of America Irrevocable Standby Letter of Credit No. <br /> 3060849 in the original amount of $53,741.34, with an original expiration date of <br /> January 5, 2005 with provision for automatic extension for additional one year <br /> periods; and <br /> WHEREAS, Bank of America has provided written notice to Indian River <br /> County of its intent not to renew said irrevocable standby letter of credit, <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA THAT: <br /> 1 <br /> FAAttorney\Nancy\DOCS\RES\Reso calling ansley park pd.doc <br />