HomeMy WebLinkAbout2005-003RESOLUTION NO. 2005- 003
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY SMIGIEL
PARTNERS XII LTD., A FLORIDA LIMITED
PARTNERSHIP, IN ITS OBLIGATION TO
COMPLETE REQUIRED IMPROVEMENTS TO
LEGEND LAKES, P.D. PHASE II, AND
AUTHORIZING STAFF TO MAKE SIGHT DRAFT
AGAINST GRAND BANK & TRUST OF FLORIDA
IRREVOCABLE LETTER OF CREDIT NO. 2004-049
DATED APRIL 8, 2004.
WHEREAS, on April 13, 2004 Smigiel Partners XII Ltd., a Florida limited
partnership, entered into a Contract for Construction of Required Improvements
No. PD -01 -01 -03 -CFC (2000080224-38437) relating to Legend Lakes, P.D.
Phase ll; and
WHEREAS, in order to guarantee performance of the contract, the
developer provided a Grand Bank & Trust of Florida Irrevocable Letter of Credit
No. 2004-049 with the expiration date of January 13, 2005; and
WHEREAS, that agreement to construct required subdivision
improvements has not been complied with,
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 Smigiel Partners XII Ltd. and Indian River County,
relating to Legend Lakes, P.D. Phase II, which contract is numbered No. PD -01-
01 -03 -CFC (2000080224-38437), Smigiel Partners XII Ltd. has defaulted under
the terms of the aforementioned Contract for Construction of Required
1
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RESOLUTION NO. 2005- 003
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. 2004-049 OF GRAND BANK & TRUST OF FLORIDA"
to the office of Grand Bank & Trust of Florida, 2055 Palm Beach Lakes
Boulevard, West Palm Beach, Florida on or before January 13, 2005.
The resolution was moved for adoption by CommissionerNeuberger and
the motion was seconded by Commissioner Davi s , 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 Aye
Commissioner Thomas S. Lowther Aye
Commissioner Gary C. Wheeler Aye
The Chairman thereupon declared the resolution duly passed and
adopted this 4th day of January, 2005.
.. !f
ANTES ` Jeffrey K.
Deputy Clerk
APPROVED AS e d :FORM
AND LEGAL. SUFFIDIEtAlf
BOARD OF COUNTY COMMISSIONERS
INDIA) RIVER COUNTY, FLORIDA
By, (A -
Thomas S. Lowhter
By - - 4r
WILLIAM G. COLLINS 0
COUNTY ATTORNEY 2
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Chairman