HomeMy WebLinkAbout2005-173 RESOLUTION NO. 2005- 173
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY PINE GROVE
OF VERO BEACH, L.L.C., IN ITS OBLIGATION TO
COMPLETE REQUIRED IMPROVEMENTS TO PINE
GROVE SUBDIVISION, AND AUTHORIZING STAFF
TO MAKE SIGHT DRAFT AGAINST HARBOR
FEDERAL SAVINGS BANK IRREVOCABLE
LETTER OF CREDIT NO. 400.
WHEREAS, on August 17, 2004 Pine Grove of Vero Beach, L.L.C.
entered into a Contract for Construction of Required Improvements No. SD-02-
09-17-CFC (2002050041) relating to Pine Grove Subdivision; and
WHEREAS, that agreement required certain improvements to be
constructed on or before August 10, 2005; 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 Harbor Federal Savings Bank Irrevocable Letter of Credit No.
400 in the amount of $118,185.50, with an expiration date of November 18,
2005.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
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FAAttorney\Nancy\DOCS\RES\Reso calling pine grove loc.doc
RESOLUTION NO. 2005- 173
1. That Pine Grove of Vero Beach, L.L.C. has defaulted under the
terms of the aforementioned Contract for Construction of Required
Improvements.
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 a sight
draft in the amount of $118,185.50 marked "DRAWN ON IRREVOCABLE
LETTER OF CREDIT NO. 400 OF HARBOR FEDERAL SAVINGS BANK" to
Harbor Federal Savings Bank, 100 S. Second Street, Fort Pierce, Florida 34950
on or before November 18, 2005.
The resolution was moved for adoption by Commissioner Davis_ , and
the motion was seconded by Commissioner Bowden , and, upon being put to
a vote, the vote was as follows:
Chairman Thomas S. Lowther Aye
Vice Chairman Arthur R. Neuberger Aye
Commissioner Wesley S. Davis Aye
Commissioner Gary C. Wheeler Aye
Commissioner Sandra L. Bowden Ave
The Chairman thereupon declared the resolution duly passed and
adopted this 18th day of October, 2005.
BOARD OF COUNTY COMMISSIONERS
INDIA IVER COUNTY, FLORIDA
By
Thomas S. Lowther, Chairman
AT --=e-ffrey K. fBart k
By: .. APPROVED AS TO 6OFtlN
Deputy Clerk AND LEGAL SUFFICIDW
2
WILLIAM G.COLLINS 11
COUNTY ATTORNEY
FAAttorney\Nancy\DOCS\RES\Reso calling pine grove loc.doc