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RESOLUTION NO. 2005- 210
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.
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, that agreement required certain improvements to be
constructed on or before October 5, 2005; and
WHEREAS, that agreement to construct required subdivision
improvements has not been complied with; and
F
WHEREAS, in order to guarantee performance of the contract, the
developer provided First National Bank and Trust Company of the Treasure
Coast Irrevocable Letter of Credit No. 2004-20 in the original amount of
$582,375.02, with an expiration date of January 5, 2006.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
1
F:Wttorney\Nancy\DOCS\RES\Reso calling oak hollow estates.doc
RESOLUTION NO. 2005- 210
1. That DILECO DEVELOPMENT, LLC 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 $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 January 5, 2006.
The resolution was moved for adoption by Commissioner Neuberger, and
the motion was seconded by Commissioner Davis , 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 Aye
The Chairman thereupon declared the resolution duly passed and
adopted this 13th day of December, 2005.
BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA
By 5
Thomas S. Lowther, Chairman
ATTEST, Jeffrey K. Bart 6,n, Clerk
By: �` APP 4AS- �! 06"
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