HomeMy WebLinkAbout2005-180 RESOLUTION NO. 2005- IRn
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY DIAMOND
COURT L.P., LTD., IN ITS OBLIGATION TO
COMPLETE REQUIRED IMPROVEMENTS TO
DIAMOND COURT VILLAGE SUBDIVISION, AND
AUTHORIZING STAFF TO MAKE SIGHT DRAFT
AGAINST SUNTRUST BANK IRREVOCABLE
LETTER OF CREDIT NO. P001425, AS AMENDED.
WHEREAS, on August 17, 2004 the Board of County Commissioners of
Indian River County approved a Contract for Construction of Required
Improvements No. SD-03-06-16-CFC .(2002040105) relating to Diamond Court
Village 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 SunTrust Bank Irrevocable Letter of Credit No. P001425 in
the original amount of $318,602.29 which has been subsequently amended and
reduced by Amendment Nos. 001 and 002 to the current amount of
$143,078.06, with an expiration date of November 10, 2005.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
1
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RESOLUTION NO. 2005- 180
1. That Diamond Court L.P., Ltd. 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 $143,0.78.06 marked "DRAWN UNDER SUNTRUST
BANK IRREVOCABLE LETTER OF CREDIT NO. P001425 DATED AUGUST
02, 2004" to SunTrust Bank, 501 E. Las Olas Blvd., Attn: Letter of Credit
Department-GA-ATL-3706, Ft. Lauderdale, FL 33301 on or before November
10, 2005.
The resolution was moved for adoption by Commissioner Neuberger 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 AQP
Commissioner Sandra L. Bowden Aye
The Chairman thereupon declared the resolution duly passed and
adopted this 1 st day of November, 2005.
BOARD OF COUNTY COMMISSIONERS
INDIA IVER COUNTY, FLORIDA
By
Thomas S. Lowther, Chairman
AT Jeffrey'K. a ni Clerk
g APPROVED AS TO FORM
Deputy Clerk AND LEGALSUF ICIE Y
2 BY
WILLIAM G.6OLLINS 11
COUNTY ATTORNEY
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