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ROOK <br />RESOLUTION NO. 89- 158 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA ALLOWING FOR A REDUCTION IN <br />POSTED SECUjITY FOR FRONTAGE ROADS AND <br />SIDEWALKS AT' LAKE IN THE WOODS <br />PROJECT. <br />/8 F,CE 703 <br />WHEREAS, Waterford Associates posted Letter of <br />Credit No, 1987-1015 on September 29, 1987 as amended on <br />October 8, 1987; and <br />WHEREAS, said letter of credit secured the <br />installation of a 4 -foot sidewalk along 16th Street and a <br />4 -foot sidewalk along State Road 60 and the installation of <br />frontage roads along State Road 60 at the Lake in the Woods <br />project as required under Site Plans SP -MA -85-08-94 and <br />SP -MA -85-12-143; and <br />WHEREAS, Indian River County has since amended its <br />ordinances to delete the requirement of installation of <br />frontage roads in residential projects; and <br />WHEREAS, the Poughkeepsie Savings Bank, FSB is now <br />the developer of the project and has requested a reduction <br />in the amount of the letter of credit in the amount <br />attributable to frontage roads no longer required, <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF <br />COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA that: <br />1. Indian River County hereby waives its rights <br />to draw on Irrevocable Letter of Credit and Agreement No. <br />1987-1015 dated September 29, 1987 as amended October 8, <br />1987 to the extent of $28,635.00 which amount was <br />attributable, to frontage roads no longer required in <br />association with residential projects. <br />2. Indian River County retains the right to draw <br />on Letter of Credit No. 1987-1015 dated September 29, 1987 <br />and as amended October 8, 1987 to the extent of $20,720.70, <br />which amount is attributable to sidewalk installation costs <br />along 16th Street and State Road 60 at the Lake in the Woods <br />project. <br />62 <br />