HomeMy WebLinkAbout2005-002RESOLUTION NO. 2005- 002
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY DOUBLE R &
D INC., A FLORIDA CORPORATION IN ITS
OBLIGATION TO COMPLETE REQUIRED
IMPROVEMENTS TO GRAND OAK ESTATES, A
SUBDIVISION, AND AUTHORIZING STAFF TO
MAKE SIGHT DRAFT AGAINST CITIBANK, N.A.
IRREVOCABLE LETTER OF CREDIT NO.
61604003 DATED SEPTEMBER 19, 2003 AS
AMENDED BY AMENDMENT DATED SEPTEMBER
14, 2004.
WHEREAS, on September 2, 2003 Double R & D Inc., a Florida
corporation, entered into a Contract for Construction of Required Improvements
No. SD -03 -03 -11 -CFC (2002070178-35959) relating to Grand Oak Estates, A
Subdivision; and
WHEREAS, on September 10, 2004, under an emergency order, the
head of the Emergency Service District of Indian River County approved a
Modification to Contract for Construction of Required Improvements No. SD -03-
03 -11 -CFC (2002070178-35959) extending the date for completion of the
required improvements to December 1, 2004; and
WHEREAS, in order to guarantee performance of the contract and
modification, the developer provided an amendment to Citibank, N.A. Irrevocable
Letter of Credit No. 61604003 extending the expiration date of the Letter of
Credit to January 15, 2005; and
WHEREAS, that agreement to construct required subdivision
improvements, as modified, has not been complied with,
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RESOLUTION NO. 2005- 002
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, as modified, between Double R & D Inc. and Indian River
County, relating to Grand Oak Estates, A Subdivision which contract is
numbered No. SD -03 -03 -11 -CFC (2002070178-35959), Double R & D Inc. 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 UNDER IRREVOCABLE
LETTER OF CREDIT NO. 61604003 OF CITIBANK, N.A." to the office of
Citicorp North America, Inc., 3800 Citibank Center, Building B, 3rd Floor, Tampa,
Florida 33610 on or before January 15, 2005.
The resolution was moved for adoption by Commissioner Wheeler , and
the motion was seconded by Commissioner Neuberger , and, upon being put to
a vote, the vote was as follows:
Commissioner Arthur R. Neuberger Aye
Commissioner Sandra L. Bowden Aye
Commissioner Wesley S. Davis AyP
Commissioner Thomas S. Lowther EYP
Commissioner Gary C. Wheeler Aye
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RESOLUTION NO. 2005- 002
The Chairman thereupon declared the resolution duly passed and
adopted this 4th day of January, 2005.
BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA
By 5.
Thomas S. Lowther
ATT, effrey'K: B - • • • erk
Deputy Clerk
APPROVED AS TO FORM
AND LEGAL SUFFICIENCY
BY
WILLIAM G. COLLINS S
COUNTY ATTORNEY
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, Chairman