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• <br />• • <br />ON MOTION by Commissioner Ginn, SECONDED BY <br />Commissioner Adams, the Board unanimously adopted <br />Resolution No. 2002-016 declaring default by Brackett Family <br />Limited Partnership in its obligation to complete required <br />improvements to Hunter's Run Subdivision, and authorizing <br />staff to make sight draft against Indian River National Bank <br />Irrevocable Letter of Credit No. 01-0092 dated June 11, 2001. <br />RESOLUTION NO. 2002-016 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, DECLARING DEFAULT BY BRACKETT <br />FAMILY LIMITED PARTNERSHIP IN ITS <br />OBLIGATION TO COMPLETE REQUIRED <br />IMPROVEMENTS TO HUNTER'S RUN <br />SUBDIVISION AND AUTHORIZING STAFF TO <br />MAKE SIGHT DRAFT AGAINST INDIAN RIVER <br />NATIONAL BANK IRREVOCABLE LETTER OF <br />CREDIT NO. 01-0092 DATED JUNE 11, 2001. <br />WHEREAS, on July 10, 2001 Brackett Family Limited Partnership, by and <br />through its General Partner, Robert L. Brackett, entered into a Contract for <br />Construction of Required Improvements No. SD -01 -01 -01 -CFC (2000070021), <br />relating to Hunter's Run Subdivision; and <br />WHEREAS, that agreement required all subdivision improvements to be <br />constructed on or before December 31, 2001; 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 Indian River National Bank Irrevocable Letter of Credit No. <br />01-0092 dated June 11, 2001 in the amount of $851,536.13, <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br />March 19, 2002 <br />27 <br />