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RESOLUTION NO. 2005- 081 <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, <br /> FLORIDA, DECLARING DEFAULT BY AMELIA <br /> PLANTATION GROUP, L.L.C. INC. IN ITS <br /> OBLIGATION TO COMPLETE REQUIRED <br /> IMPROVEMENTS TO AMELIA PLANTATION, AND <br /> AUTHORIZING STAFF TO MAKE SIGHT DRAFT <br /> AGAINST HARBOR FEDERAL SAVINGS BANK <br /> IRREVOCABLE LETTER OF CREDIT NO. 390 <br /> DATED.JUNE 1, 2004, AS AMENDED. <br /> WHEREAS, on April 27, 2004 Amelia Plantation Group, L.L.C., a Florida <br /> limited liability company entered into a Contract for Construction of Required <br /> Improvements No. SD-03-08-22CFC (2000070058-38955), relating to Amelia <br /> Plantation; and <br /> WHEREAS, that agreement required all subdivision improvements to be <br /> constructed on or before February 28, 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 Harbor Federal Savings Bank Irrevocable Letter of Credit No. <br /> 390 dated June 1, 2004 in the amount of <br /> $924,101.31, as amended in August, 2004 and again in January, 2005, with the <br /> remaining amount being $425,883.51. <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 amelia plantation.doc <br />