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Home My WebLink About2003-052RESOLUTION NO. 2_003- 052 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, DECLARING DEFAULT BY M -R HOMES, LTD, A FLORIDA LIMITED PARTNERSHIP IN ITS OBLIGATION TO COMPLETE REQUIRED IMPROVEMENTS TO SEASONS, P.D., AND AUTHORIZING STAFF TO MAKE SIGHT DRAFT AGAINST BANK OF AMERICA IRREVOCABLE STANDBY LETTER OF CREDIT NO. 3046140 DATED FEBRUARY 12, 2002. WHEREAS, on February 6, 2002 M -R Homes, Ltd., a Florida limited partnership entered into a Contract for Construction of Required Improvements No. PD -01 -08 -18 -CFC (99110063-26994), relating to Seasons, P.D.; and WHEREAS, that agreement required all subdivision improvements to be constructed on or before February 12, 2003; and WHEREAS, that agreement to construct required subdivision improvements has not been complied with; and WHEREAS, in order to guarantee performance of the contract, the developer provided Bank of America Irrevocable Standby Letter of Credit No. 3046140 dated February 12, 2002 in the amount of $69,703.23, NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: 1. That pursuant to the Contract for Construction of Requirement Improvements between M -R Homes, Ltd. and Indian River County, relating to -\")eeALLRel. Mood 1 F:\Attorney\Nancy\DOCS\RES\Reso calling seasons loc.doc RESOLUTION NO. 2003- 052 Seasons, P.D. which contract is numbered No. PD -01 -08 -18 -CFC (99110063- 26994), M -R Homes, Ltd. has defaulted under the terms of the aforementioned Contract for Construction of Required Improvements, and that the amount of the draft represents the amount required by the County to fulfill the performance of said Contract for the Construction of Required Improvements. 2. Office of Management and Budget is directed to present this Resolution together with a sight draft marked "DRAWN ON IRREVOCABLE LETTER OF CREDIT NO. 3046140 OF BANK OF AMERICA, N.A." to the office of Bank of America, N.A. Trade Operations, Miami Lakes Operations Center, 5875 NW 163rd Street, Hialeah, Florida 33014, on or before May12, 2003. The resolution was moved for adoption by Commissioner Lowther , and the motion was seconded by CommissionerNeuberger , and, upon being put to a vote, the vote was as follows: Chairman Kenneth R. Macht Aye Vice Chairman Caroline D. Ginn Aye Commissioner Fran B. Adams Ay Commissioner Thomas S. Lowther Aye Commissioner Arthur R. Neuberger Aye The Chairman thereupon declared the resolution duly passed and adopted this 6th day of May, 2003. BOARD 9FZOUNTY COMMISSIONERS INDIA RIVER COJNTY.,. FLORIDA By /'> u 4k�ue 'Deputy:Cier< 2 F:W,ttorney\Nancy\DOCS\RES\Reso calling seasons loc.doc eth R. , Chairman UD Ul zuu3 hA.\ -T J,3' iUti4 M -R HOMES,Ltd. -. MALASKI MODIFICATION TO CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS NO. PD -01 -08 -18 -CFC (99110063-26994) THIS MODIFICATION, made and entered into this 6th day of , 2003, by and between M -R Homes, Ltd., a Florida limited partnership, hereinafter referred to as "Developer", and INDIAN RIVER COUNTY, a political subdivision of the State of Florida, by and through its Board of County Commissioners, hereinafter referred to as "County". WITNESSETH: WHEREAS, Developer entered into a Contract for Construction of Required Improvements No. PD -01 -08 -18 -CFC (99110063-26994) guaranteeing the completion of certain required improvements on or before February 12, 2003; and WHEREAS, those certain required improvements are not completed; and WHEREAS, the Indian River County Code Section 913.10(1)(B) allows up to lone year from date of final approval for the required improvements to be completed; and thaWHEREAS, the Indian River County Code Section 913.10(1)(E) states t for good cause shown, the Board of County Commissioners may in its discretion grant one or more extensions of time for performance of any contract fort required improvements, provided the surety supporting such contract remains valid for the required 90 -day period following the newly extended time for performance; and WHEREAS, the final plat for Seasons, P.D. was approved by the Board of County Commissioners of Indian River County on February 12, 2002; and thoWHEREAS, Developer wishes to extend the date in which to complete se required improvements; and WHEREAS, it is staffs recommendation to extend the date in which to complete those required improvements to February 12, 2004 with the letter of credit supporting such contract extension to remain in place until May 12, 2004; NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as follows: 10002 -0.3 05•014.—,:003 10::1 FAN 7738dU0S Jt -K HUMES.Ltd. - MALASKY :QJ003 1. The date for completion of the required improvements as outlined in the Contract for Construction of Required Improvements No. PD -01 -08 -18 - CFC (99110063-26994) is extended to February 12, 2004. 2. The consideration for this extension is the Bank of America Irrevocable Standby Letter of Credit Number 3046140 in the amount of $69,703.23 be amended to extend the expiration date to May 12, 2004 prior to May 7, 2003, otherwise this modification shall be null and void. 3. All other terms set out in the Contract for Construction of Required Improvements No. PD -01 -08 -18 -CFC (99110063-26994) remain in full force and effect. IN WITNESS WHEREOF, the parties hereto have set their hands and seals on the day and year first above written. ATTEST: J. K. Barton, Clerk of Court Deputy Clerk M -R HOMES, LTD., a Florida limited partnership DEVELOPER By: M•R HOMES, INC., a Florida corporation eneral Partner By: J• athan residevrt aport INDIAN RIVER COUNTY, FLORIDA by and through its Board of County Commis ' .1ners 2 IA A -A enneth R. Macht, Chairman approved: May 6, 2003 F:v{ttomoy\Naocy\DOCS\PLANIMODIFICATION TO K for cons seasons.doc APPROVED AA TO FORM ANO LEAA1.SUPPfCIENCY 6__ WILLIAM G. COLLINS I COUNTY ATrORNEY DATE: FEBRUARY 12, 2002 IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 3046140 BENEFICIARY INDIAN RIVER COUNTY BOARD OF COUNTY COMMISSIONERS 1840 25TH STREET VERO BEACH, FL 32950 GENTLEMEN: APPLICANT M -R HOMES, LTD. 1300 N. FLORIDA MANGO RD. WEST PALM BEACH, FL 33409 PAGE: 1 AMOUNT NOT EXCEEDING USD 69,703.23 NOT EXCEEDING SIXTY NINE THOUSAND SEVEN HUNDRED THREE AND 23/100'S US DOLLARS EXPIRATION MAY 12, 2003 IN FLORIDA BY ORDER OF M -R HOMES, LTD., A FLORIDA LIMITED PARTNERSHIP, BANK OF AMERICA, N.A. HEREBY ESTABLISHES AN IRREVOCABLE LETTER OF CREDIT NO. 3046140 IN YOUR FAVOR IN THE AMOUNT OF $69,703.23 EFFECTIVE AS OF FEBRUARY 12, 2002 AND EXPIRING AT OUR OFFICE AT THE CLOSE OF BUSINESS ON MAY 12, 2003. BANK OF AMERICA, N.A. SHALL MAKE FUNDS AVAILABLE UNDER THIS CREDIT TO YOU NOT EXCEEDING IN THE AGGREGATE THE AMOUNT OF THIS CREDIT AGAINST YOUR SIGHT DRAFT TO US MENTIONING THIS LETTER OF CREDIT NO. 3046140, ACCOMPANIED BY A STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED OFFICER OF THE BOARD OF COUNTY COMMISSIONERS STATING "PURSUANT TO THE CONTRACT FOR CONSTRUCTION OF REQUIREMENT IMPROVEMENTS BETWEEN M -R HOMES, LTD. AND INDIAN RIVER'COUNTY, RELATING TO SEASONS, PD WHICH CONTRACT IS NUMBERED NO. PD -01 -08 -18 -CFC (99110063-26994), M -R HOMES, LTD. HAS DEFAULTED UNDER THE TERMS OF THE AFOREMENTIONED CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS, AND THAT THE AMOUNT OF THE DRAFT REPRESENTS THE AMOUNT REQUIRED BY THE COUNTY TO FULFILL THE PERFORMANCE OF SAID CONTRACT FOR THE CONSTRUCTION OF REQUIRED IMPROVEMENTS." DRAFT PRESENTED FOR PAYMENT UNDER THE CREDIT SHALL BE MARKED, "DRAWN ON IRREVOCABLE LETTER OF CREDIT NO. 3046140 OF BANK OF AMERICA, N.A." THIS LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OUR UNDERTAKING. SUCH UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED, AMENDED OR AMPLIFIED BY REFERENCE TO ANY DOCUMENT, INSTRUMENT, OR CONTRACT REFERRED TO HEREIN OR IN WHICH THIS LETTER OF CREDIT IS REFERRED TO OR TO WHICH THIS LETTER OF CREDIT RELATES AND ANY SUCH REFERENCE SHALL NOT BE DEEMED TO INCORPORATE HEREIN BY REFERENCE ANY DOCUMENT, INSTRUMENT, OR CONTRACT. WE HEREBY ENGAGE WITH YOU THAT DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED UPON PRESENTATION AT BANK OF AMERICA, N.A. TRADE OPERATIONS, MIAMI LAKES OPERATIONS CENTER, 5875 NW 163RD STREET, HIALEAH, FL 33014, AS SPECIFIED HEREIN. THIS LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES 1998, ICC PUBLICATION NO. 590. IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS TRANSACTION, PLEASE CALL 305-825-6804 . Bank of Americo. N.A. Trade Operalione Mail Code: CA9.707-19-09 333 5. Beauiky Arcnue. 191, Fluor, Los Angcler. CA 911917 11).15.11711}N\B 9.1')99-f A9 19 ORIGINAL I• I Recycled Paper PAGE: 2 THIS IS AN 'TEGRAL PART OF LETTER OF CRED/T NUMBER: 3046140 ill !, ELA P. YUNG - - - AUTHORIZED SI N T�'E AUTHORIZE. i NATURE THI •OCUMENT CONSISTS OF 2 PA ) MIA OONZut Burk of America. N.A. Trade Operations Neil Code: CA9-703-19-09 33) S. Sundry Avenue, 191h Flear, Lu Angeles, CA 90011 111 Ir II?If?NSII IOW/ 11 ORIGINAL forvrlorl Panar Baitk of America DATE: MAY 2, 2003 AMENDMENT TO IRREVOCABLE STANDBY CREDIT NUMBER: 3046140 AMENDMENT NUMBER 1 BENEFICIARY INDIAN RIVER COUNTY BOARD OF COUNTY COMMISSIONERS 1840 25TH STREET VERO BEACH, FL 32950 PAGE: 1 APPLICANT.. M -R HOMES, LTD.. 1300 N. FLORIDA MANGO RD. WEST PALM BEACH, FL 33409 THIS AMENDMENT IS TO BE CONSIDERED AN INTEGRAL PART OF THE ABOVE CREDIT AND MUST BE ATTACHED THERETO. THE ABOVE MENTIONED CREDIT IS AMENDED AS FOLLOWS: THE EXPIRATION DATE IS AMENDED TO: MAY 12, 2004. ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS AMENDMENT, PLEASE CALL 305-819-7662 . ORIZED SIGNATURE AUTHORIZED SIGNATURE THIS DOCUMENT CONSISTS OF 1 PAGE(S). CARRILLO, 8OUVAf ORIGINAL Bank of Americo. N.A. Trade Operations Mail Code: CA9-703-19-09 333 S. Beaudry Avenue. 19th Floor, Lo. Angeles. CA 90017 00-35-02070313 9-1999_CA9 19 EUNSON BAE 1_11 0........n...a o....... Q of INDIAN RIVER COUNTY ATTORNEY William G. Collins II, County Attorney Marian E. Fell, Assistant County Attorney MEMORANDUM TO: Kimberly Massung, Executive Aide of the Board of County Commissioners U FROM: Terrence P. O'Brien, Assistant to the County Attorney DATE: May 8, 2003 SUBJECT: Agenda Item 7-R (BCC 5/6/03) — Resolution No. 2003-052 The subject agenda item was a request to extend the contract for the construction of and accept security for remaining improvements for the Seasons Planned Development. The item also contained a resolution authorizing staff to call the existing Letter of Credit in the event a new Letter of Credit or an extension of the existing Letter of Credit was not received before the expiration of the original Letter of Credit. A satisfactory extension of the original Letter of Credit has been received; therefore, the resolution is moot. It is suggested that this memorandum be associated with the original of Resolution No. 2003-052. TPO/Ik cc: Board of County Commissioners James E. Chandler, County Administrator