11/8/1994 - Laserfiche WebLink

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L7 expires shortly and staff is asking for authorization to draw upon the Letter of Credit in an amount that will make certain that the corrections are properly performed. MOTION was made by Commissioner Eggert, SECONDED by Commissioner Bird, to approve staff Is recommendation that the warranty and maintenance agreement be extended; and to adopt Resolution 94-145 authorizing draft upon Community Savings, F.A. Irrevocable Letter of Credit No. 8-12-224. Jim Wilson, attorney representing the Mitchells in Vero Building Corporation, the developer, advised that the developer will go ahead and do the required improvements, extending the Letter of Credit in the amount of $5,000. An engineer has been retained to take care of the problems. THE CHAIRMAN CALLED THE QUESTION. The motion was voted on and carried unanimously. RESOLUTION NO. 94-.145 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING DRAFT UPON COMMUNITY SAVINGS, F.A. IRREVOCABLE LETTER OF CREDIT NO. 8-12-224. WHEREAS, Vero Building Corporation entered into a Warranty, Guaranty and Maintenance Agreement, and Bill of . Sale for Required Improvements - Contract No. SD -90-08-11-C; and WHEREAS, that agreement warrantied and guaranteed required subdivision improvements for a 1 -year period ending October 5, 1994; and WHEREAS, pursuant to that contract Vero Building Corporation was notified by letter on October 3, 1994 of a flooding problem on the west end of the subdivision; and WHEREAS, that problem has not been corrected; and WHEREAS, in order to secure its obligations under that contract Vero Building Corporation established" -with Community Savings, F.A. an irrevocable letter of credit No. 8-12-224 with an effective date of August 12, 1993 and an expiration date of November 12, 1994; and WHEREAS, Vero Building Corporation has failed to fulfill the performance of said contract for warranty and maintenance, P*A November 8, 1994 BOOK A