HomeMy WebLinkAbout2002-118 RESOLUTION NO. 2002- 118
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 II — P.D., AND
AUTHORIZING STAFF TO MAKE SIGHT DRAFT
AGAINST WACHOVIA BANK, NATIONAL
ASSOCIATION IRREVOCABLE STANDBY LETTER
OF CREDIT NO. SM422166W DATED AUGUST 1,
2002.
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.; and
WHEREAS, that agreement required all subdivision improvements to be
constructed on or before September 30, 2002; 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 Wachovia Bank, National Association Irrevocable Standby
Letter of Credit No. SM422166W dated August 1, 2002 in the amount of
$292,948.66,
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 for Construction of Required Improvements.
1212002RESO(LEGAL)WGc/nhm 1
RESOLUTION NO. 2002. 118
2. The amount of the draft represents the amount required by the
County to fulfill the performance of said Contract 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. SM422166W OF WACHOVIA BANK, NATIONAL
ASSOCIATION" to the office of Wachovia Bank, National Association,
International Division, 200 S. Biscayne Boulevard, Miami, Florida 33131, on or
before December 31, 2002.
The resolution was moved for adoption by Commissioner Adams , and
the motion was seconded by Commissioner Gi nn , 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 Aye
Commissioner Thomas S. Lowther Aye
Commissioner Arthur R. Neuberger Aye
The Chairman thereupon declared the resolution duly passed and
adopted this 17th day of December, 2002.
!
BOARD OF COUNTY COMMISSIONERS
x INDIAN RIVER COUNTY, FLORIDA
y xa, !a
3 BAK nn;;;eth . Macht, Chairman
ST- ,Jeffrey K. arton "clerk APPROVED AS TO FORM
., AND LEGAL SUFFICIENCY
7B .
Deputy Clerk 8Y
WILLIAM G.0 NS 11
DEPUTY COUNTY ATTORNEY
12/2002RESO(LEGAL)VyGC/nhm 'Ar 2
PLAN agree2)LEGAL(W G Gnhm)
Certificate of Completion
Arbor Trace—Phase II—P.D. corporate,for use with
letter of credit
MODIFICATION TO
CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS
NO. PD-99-09-13PH2CFC (98090107)
THIS MODIFICATION, made and entered into this 17th day of
December , 2002 by and between Arbor Trace Development, Inc., a
corporation existing under the laws of the State of Florida, 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-99-09-13PH2CFC (98090107) guaranteeing the
completion of certain required improvements within Arbor Trace — Phase II — P.D.; and
WHEREAS, certain of the required improvements are not completed as
outlined in Exhibit "A" attached hereto, and
WHEREAS, Developer wishes to extend the contract date in which to
complete the remaining required improvements to December 31, 2004 since the
requirement to complete is not effective until the residences are constructed; and
WHEREAS, Developer wishes to replace the existing security in place
with another irrevocable letter of credit and reduce the security to cover only the
remaining improvements yet to be constructed,
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL
COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as follows:
1. The date of completion of the remaining required improvements is
extended to December 31, 2004.
2. The existing Wachovia Bank, National Association Irrevocable Standby
Letter of Credit Number SM422166W in the amount of $292,948.66 will be released in
exchange for a replacement letter of credit representing 115% of the remaining required
improvements to be completed.
3. All other terms set out in the Contract for Construction of Required
Improvements No. PD-99-09-13PH2CFC (98090107) 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.
ARBOR TRACE DEVELOPMENT, INC.,
a Florida corporation, DEVELOPER
By:_ /,4� / �,
Charles Mechling, President'
(affix corporate seal)
INDIAN RIVER COUNTY, FLORIDA
By:
KeKrietti R. Wakht , Chairman
Board of County Commissioners
ATT rey K. Ba n, C k
By: cch
Deputy Clerk
P Y
APPROVED AS TO FORM
AND LEGAL SUFFICIENCY:
By: A' (�
William G. Collins II
Deputy County Attorney
2
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ARBOR TRACE PHASE II EXHIBIT "A"
ARBOR TRACE PHASEII
ITEM DESCRIPTION UNIT QUANTITY UNIT PRICE EXTENSION
BUFFER
M7 ADDITIONAL LANDSCAPE NORTH AND WEST L.F. 2,600 $ 8.00 $ 20,800.00
SUB-TOTAL $ 20,800.00
BOND AMOUNT 115% $ 23,920.00
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12/11/2002 AT-PHASE 11 LOC BUFFER