HomeMy WebLinkAbout2005-029RESOLUTION NO. 2005- 029
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY ARBOR
TRACE DEVELOPMENT, INC. IN ITS OBLIGATION
TO COMPLETE REQUIRED IMPROVEMENTS TO
ARBOR TRACE — PHASE 11 — P.D., AND
AUTHORIZING STAFF TO MAKE SIGHT DRAFT
AGAINST WACHOVIA BANK, NATIONAL
ASSOCIATION IRREVOCABLE STANDBY LETTER
OF CREDIT NO. SM201393W DATED DECEMBER
20, 2002, AS AMENDED.
WHEREAS, on August 6, 2002 Arbor Trace Development, Inc. entered
into a Contract for Construction of Required Improvements No. PD-99-09-
13PH2CFC (98090107), relating to Arbor Trace — Phase II — P.D. which contract
was amended by Modification to Contract for Construction of Required
Improvements No. PD-99-09-13PH2CFC (98090107) dated December 17, 2002;
and
WHEREAS, on December 17, 2002 Arbor Trace Development, Inc. also
entered into a Contract for Construction of Required Sidewalk Improvements No.
PD-99-09-13PH2-CFCSIDE (98090107); and
WHEREAS, those agreements required all subdivision improvements to
be constructed on or before December 31, 2004; and
WHEREAS, those agreements to construct required subdivision
improvements have not been complied with; and
WHEREAS, in order to guarantee performance of the contracts, the
developer provided Wachovia Bank, National Association Irrevocable Standby
Letter of Credit No. SM201393W dated December 20, 2002 in the amount of
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RESOLUTION NO. 2005- 029
$65,527.00, as amended by Amendment dated May 12, 2004, reducing the
amount to a total of $32,847.80.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
1. That Arbor Trace Development, Inc. has defaulted under the terms
of the aforementioned Contract(s) for Construction of Required Improvements.
2. The amount of the draft represents the amount required by the
County to fulfill the performance of said Contract(s) for Construction of Required
Improvements.
3. Office of Management and Budget is directed to present this
Resolution together with a sight draft marked "DRAWN ON IRREVOCABLE
LETTER OF CREDIT NO. SM201393W OF WACHOVIA BANK, NATIONAL
ASSOCIATION" to the office of Wachovia Bank, National Association, 401
Linden Street, Winston-Salem, NC 27101-0045, Attn: Standby Letter of Credit
Department NC6034, on or before March 31, 2005.
The resolution was moved for adoption by Commissioner
the motion was seconded by Commissioner Davi s
a vote, the vote was as follows:
Neuberger, and
, and, upon being put to
Chairman Thomas S. Lowther Aye
Vice Chairman Arthur R. Neuberger Aye
Commissioner Wesley S. Davis. Aye
Commissioner Gary C. Wheeler Aye
Commissioner Sandra L. Bowden Aye
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RESOLUTION NO. 2005- 029
The Chairman thereupon declared the resolution duly passed and
adopted this 15thday of March, 2005.
BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA
By \. S.
ATTEST: Jeffrey K. Barton, Clerk
By:(1
Deputy
Thomas S. Lowther„ Chairman
AS TO FORM
ANO LESUP
WILLIAM GCOLLINSII
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