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RESOLUTION NO. 2006- 071
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY DILECO
DEVELOPMENT, LLC, IN ITS OBLIGATION TO
COMPLETE REQUIRED IMPROVEMENTS TO OAK
HOLLOW ESTATES, AND AUTHORIZING STAFF
TO MAKE SIGHT DRAFT AGAINST FIRST
NATIONAL BANK AND TRUST COMPANY OF THE
TREASURE COAST IRREVOCABLE LETTER OF
CREDIT NO. 2004-20 AS AMENDED.
WHEREAS, on December 7, 2004 the Board of County Commissioners of
Indian River County approved a Contract for Construction of Required
Improvements No. SD-04-04-15-CFC (2003110238-41312) relating to Oak
Hollow Estates; and
WHEREAS, on December 13, 2005 the Board of County Commissioners
of Indian River County approved a Modification to said Contract extending the
date to complete the required improvements to March 5, 2006 and the existing
First National Bank and Trust Company of the Treasure Coast Irrevocable Letter
of Credit No. 2004-20 in the amount of $582,375.02 was extended to June 5,
2006; and
WHEREAS, that agreement to construct required subdivision
improvements, as modified, has not been complied with.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
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RESOLUTION NO. 2006- 071
1. That DILECO DEVELOPMENT, LLC has defaulted under the terms
of the aforementioned Contract for Construction of Required Improvements, as
modified.
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, as modified.
3. Office of Management and Budget is directed to present a sight
draft in the amount of $582,375.02 marked "DRAWN ON IRREVOCABLE
LETTER OF CREDIT NO. 2004-20 OF FIRST NATIONAL BANK AND TRUST
COMPANY OF THE TREASURE COAST" to First National Bank and Trust
Company of the Treasure Coast, 3730 7th Terrace, Vero Beach, FL 32960 on or
before June 5, 2006.
The resolution was moved for adoption by Commissioner wheel er , and
the motion was seconded by Commissioner Davis , and, upon being put to
a vote, the vote was as follows:
Chairman Arthur R. Neubergerer Aye
Vice Chairman Gary C. Wheeler Aye
Commissioner Wesley S. Davis Aye
Commissioner Thomas S. Lowther Aye
Commissioner Sandra L. Bowden Aye
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RESOLUTION NO. 2006- 071
The Chairman thereupon declared the resolution duly passed and
adopted this 23rd day of May, 2006.
BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA
B
Arthur R. Ne6l5brger, C ai an
ATTEST: Jeffrey K. Barton, Clerk
.By:
Deputy Clerk
APPROVED AS E R Y
AND
B
WILLIAM K.DEBRAAL
=,SSISTANT COUNTY ATTORNEY
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