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RESOLUTION NO. 85- 43 <br />A RESOLUTUION OF THE BOARD OF COUNTY COMMISSIONERS <br />APPROVING A REQUESTED EXTENSION OF TIME AND THE <br />REDUCTION AND SUBSTITUTION OF SECURITY FOR SHORELANDS <br />SUBDIVISION. <br />WHEREAS, the Board of County Commissioners entered into <br />a Contract for Required Improvements with Shoreland Development, <br />Inc. (Developer), in conjunction with the approval of the final <br />plat for Shorelands Subdivision; and <br />WHEREAS, the Developer has completed a portion of the <br />work covered by the agreement and has requested a six month exten- <br />sion of time to complete the remaining dune crossover structure, <br />together with a substitution of a new Letter of Credit to reflect <br />the completed work; and <br />WHEREAS, the Board finds that good cause exists for the <br />extension of time, and that the new security will adequately pro- <br />tect the interests of the County. <br />NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA that: <br />1. Contract for Required Improvements No. SD -83-09-018, <br />attached hereto, is amended to extend the completion date stated <br />therein until October 30, 1985; and <br />2. The Board hereby releases Barnett Bank's Irre- <br />vocable Letter of Credit No. 138, in the amount of $10,522.50, <br />(TEN THOUSAND FIVE HUNDRED TWENTY TWO AND 50/100), contingent upon <br />the receipt and acceptance of a new Letter of Credit in an amount <br />not less than $8,625.00. (EIGHT THOUSAND SIX HUNDRED TWENTY FIVE <br />AND NO/100). <br />The above extension and substitution of surety is hereby <br />approved and agreed to by the Developer. <br />(AFFIX CORPORATE SEAL) <br />SHORELAND DEVELOPMENT, INC. <br />BY: <br />Rogeif 0. Wheelwright <br />President <br />-1- <br />BOOK Pt�A 1 <br />