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RECOMMENDATION : <br /> Staff recommends that the Board of County Commissioners adopt the attached resolution <br /> authorizing staff to pull the existing letter of credit . <br /> ATTACHMENTS : <br /> 1 . Location Map <br /> Copy of existing Letter of Credit <br /> 3 . Resolution <br /> ON MOTION by Vice Chairman Stanbridge , SECONDED BY <br /> Commissioner Adams , the Board unanimously adopted <br /> Resolution No . 2001 - 008 declaring default by Pelican Pointe <br /> Corporation and authorizing draft upon Harbor Federal <br /> Irrevocable Letter of Credit No . 234 . <br /> RESOLUTION NO . 2001 - ooa <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, <br /> FLORIDA, DECLARING DEFAULT BY PELICAN <br /> POINTE CORPORATION , AND AUTHORIZING <br /> DRAFT UPON HARBOR FEDERAL IRREVOCABLE <br /> LETTER OF CREDIT NO , 234 . <br /> WHEREAS , on February 21 , 2000 Pelican Pointe Corporation , by and <br /> through its President , Vernon G . Foster, entered into a Contract for Construction <br /> of Required Improvements No . PD-98-05-08A (97070035 ) , relating to Pelican <br /> Pointe of Sebastian — Phase II Planned Development; and <br /> WHEREAS , that agreement required all subdivision improvements to be <br /> constructed on or before November 1 , 2000 ; 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 letter of credit No . 234 dated <br /> January 23 , 2001 <br /> 25 <br /> 10 PG 811 <br />