HomeMy WebLinkAbout2003-024 RESOLUTION NO. 2003- 024
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY POINTE
WEST OF VERO BEACH, LTD., A FLORIDA
LIMITED PARTNERSHIP IN ITS OBLIGATION TO
CONSTRUCT REQUIRED SUBDIVISION
IMPROVEMENTS, AND AUTHORIZING STAFF TO
MAKE SIGHT DRAFT AGAINST FIDELITY
FEDERAL BANK & TRUST IRREVOCABLE
LETTER OF CREDIT NO. 295-74902 DATED
MARCH 7, 2001. j
WHEREAS, certain required sidewalk improvements within subdivisions
are required to be constructed within two years of final plat approval, however, ;
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with approval, the required sidewalk improvements can be extended for an
additional two years; and
WHEREAS, the plat of Pointe West Central Village, Phase II P.D. was
approved on March 13, 2001; and
WHEREAS, to secure the obligation to construct the required sidewalks,
developer posted an Irrevocable Letter of Credit No. 295-74902 from Fidelity
Federal Bank & Trust in the amount of $35,604.00 and entered into a Contract
for Construction of Required Sidewalk Improvements No. PD-00-09-17-SC
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(99070081); and
WHEREAS, said improvements were to have been constructed by March
1, 2003; and
WHEREAS, said improvements are not yet constructed; and
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RESOLUTION NO. 2003- 024
WHEREAS, Fidelity Federal Bank & Trust has notified Indian River
County that Irrevocable Letter of Credit No. 295-74902 will not be extended and
will expire on March 7, 2003,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY i
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COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
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1. That Pointe West of Vero Beach, Ltd., a Florida limited partnership,
has defaulted under the terms of the Contract for Construction of Required
Sidewalk Improvements or has failed to post alternative security, and that the
amount of the draft represents the amount required by the County to fulfill the !
performance of said Contract for Construction of Required Sidewalk
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Improvements.
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2. The Office of Management and Budget is directed to make sight
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draft accompanied by a letter from the Office of Management and Budget for
Indian River County and also signed by the Director of Community Development
for Indian River County stating that Pointe West of Vero Beach, Ltd., has i
defaulted under the terms of the Contract for Construction of Required Sidewalk
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Improvements or failed to post alternative security, and that the amount of the
draft represents the amount required by the County to fulfill the performance of
said Contract for Construction of Required Sidewalk Improvements. Drafts
presented for payment under the credit shall be marked "DRAWN UNDER
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RESOLUTION NO. 2003- 024
IRREVOCABLE LETTER OF CREDIT NO. 29574902 OF FIDELITY FEDERAL
BANK & TRUST". The draft must be presented not later than March 7, 2003 at
the following address: 205 Datura Street, West Palm Beach, Florida 33401, c/o
Joseph B. Shearouse, III.
The resolution was moved for adoption by Commissioner Adams , and
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the motion was seconded by Commissioner NPi,hPrgpr , and, upon being put to
a vote, the vote was as follows:
Commissioner Kenneth R. Macht Aye I
Commissioner Caroline D. Ginn Aye
Commissioner Fran B. Adams Ayp
Commissioner Thomas S. Lowther Aye
Commissioner Arthur R. Neuberger Ave
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The Chairman thereupon declared the resolution duly passed and adopted this
4th day of March, 2003.
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.. BOARD OF COUNTY COMMISSIONERS
INDIAN RI R COUNT ORIDA
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4tti By
`mr4 , ` �yE { *`fys. neth R. Macht, Ch rman
ATT��T:�,Jeffffrey K i aarton, Clerk
By APPROVED AS TO FORM'
=:Deputy,..01.; k AND
� V� o , t �LEGAL/SUFFICIENCY !
�r '.fid r����°i ;•.4t Y `� ! ��l/ ` � ,BY
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�`f' WILLIAM G. COLLINS 11
DEPUTY COUNTY ATTORNEY
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