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r ' <br /> RESOLUTION NO. 2005-174 <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, <br /> FLORIDA, DECLARING DEFAULT BY TRADE <br /> WIND COAST DEVELOPMENT, L.L.C. IN ITS <br /> OBLIGATION TO COMPLETE REQUIRED <br /> SIDEWALK IMPROVEMENTS TO HIGH HAWK OF <br /> VERO BEACH PHASE 1, AND AUTHORIZING <br /> STAFF TO MAKE SIGHT DRAFT AGAINST INDIAN <br /> RIVER NATIONAL BANK IRREVOCABLE LETTER <br /> OF CREDIT NO. 05-0004 - DATED AUGUST 22, <br /> 2003. <br /> WHEREAS, on August 5, 2003 Trade Wind Coast Development, L.L.C. <br /> entered into a Contract for Construction of Required Sidewalk Improvements No. <br /> SD-98-06-06-CFCSIDE (98010101-34528), relating to High Hawk of Vero Beach <br /> Phase 1; and <br /> WHEREAS, that agreement required certain sidewalk improvements to be <br /> constructed on or before August 5, 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 Indian River National Bank Irrevocable Letter of Credit No. <br /> 05-0004 dated August 22, 2003 in the amount of $40,282.20, with an expiration <br /> date of November 22, 2005. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br /> `o` FAAttorne \Nanc \DOCS\RES\Reso calling high hawk i.doc <br />