HomeMy WebLinkAbout2005-133 RESOLUTION NO. 2005- 133
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY GEN
DEVELOPMENT, INC. IN ITS OBLIGATION TO
COMPLETE REQUIRED OFFSITE SIDEWALK
IMPROVEMENTS TO THE PRESERVE OF VERO
PHASE TWO, AND AUTHORIZING STAFF TO
MAKE SIGHT DRAFT AGAINST FIRST BUSINESS
BANK (NOW KNOWN AS FIRST BUSINESS BANK)
IRREVOCABLE LETTER OF CREDIT NO. 05-2003
DATED MAY 30, 2003, AS AMENDED.
WHEREAS, on June 10, 2003 Gen Development, Inc. entered into a
Contract for Construction of Required Sidewalk Improvements No. SD-00-06-08-
SID2 (99060165), relating to The Preserve of Vero Phase Two; and
WHEREAS, that agreement required certain sidewalk improvements to be
constructed on or before May 30, 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 First Business Bank Irrevocable Letter of Credit No. 05-2003
dated May 30, 2003 in the amount of $23,287.50, with an expiration date of
August 30, 2005; and
WHEREAS, by amendment dated August 29, 2005 First Business Bank
(now known as Florida Business Bank) extended the expiration date of
Irrevocable Letter of Credit No. 05-2003 and increased the amount to
$32,812.50;
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RESOLUTION NO. 2005- 133
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
1. That Gen Development, Inc. has defaulted under the terms of the
aforementioned Contract for Construction of Required Sidewalk 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
Sidewalk Improvements.
3. Office of Management and Budget is directed to present a sight
draft in the amount of $32,812.50 marked "DRAWN ON IRREVOCABLE
LETTER OF CREDIT NO. 05-2003 OF FLORIDA BUSINESS BANK" together
with 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 Gen Development, Inc. has defaulted under the terms of the
aforementioned Contract for Construction of Required Sidewalk Improvements
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, to the office of Florida Business Bank, 340 North Harbor City
Boulevard, Melbourne, Florida 32935, on or before September 30, 2005.
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:
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RESOLUTION NO. 2005- 133
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 September, 2005.
BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA
By S/
Thomas S. Lowther, Chairman
ATTEST: Jeffrey K. Barton Clerk
Deputy Clerk
APPROVED AS TO FORM
AND LEGAL SUFFICIENCY
Sy
WILLIAM G. COLLINS II
COUNTY ATTORNEY
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