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RESOLUTION NO. 2005- 179
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY IRC
DEVELOPMENT, L.L.C., IN ITS OBLIGATION TO
COMPLETE REQUIRED IMPROVEMENTS TO THE
LAKES AT SANDRIDGE, PHASE 1, AND
AUTHORIZING STAFF TO MAKE SIGHT DRAFT
AGAINST COLONIAL BANK, N.A. IRREVOCABLE
LETTER OF CREDIT NO. 8035507527-55.
WHEREAS, on August .10, 2004 the Board of County Commissioners of
Indian River County 'approved a Contract for Construction of Required
Improvements No. PD-03-07-17-CFC (2002120179-38772) relating to The Lakes
at Sandridge, Phase I; 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 Colonial Bank, N.A. Irrevocable Letter of Credit No.
8035507527-55 in the original amount of $1,004,689.62 and subsequently
reduced to $270,366.58, 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
FAAttorney\Nancy\DOCS\RES\Reso calling lakes at sandridge ph 1.doc
RESOLUTION NO. 2005- 179
1. That IRC Development, 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 $270,366.58 marked "DRAWN ON IRREVOCABLE
LETTER OF CREDIT #8035507527-55 OF COLONIAL BANK, N.A." to Colonial
Bank, N.A., 180.1 W. Hibiscus Blvd., Melbourne, FL 32901 on or before
November 10, 2005.
The resolution was moved for adoption by CommissionerNeuberger, 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 Aye
The Chairman thereupon declared the resolution duly passed and
adopted this 1 st day of November, 2005.
BOARD OF COUNTY COMMISSIONERS
INDI RIVER COUNTY, FLORIDA
By
Thomas'S. Lowther, Ch'airman
ATT Jeffrey K. Ba Clerk
By. APPROVED AS TO ROAM
Deputy Clerk AND LEGAL,RUFFICtENGY
Il DAMG.COLLINS 11
COUNTY ATTORNEY
FA\Attorney\Nancy\DOCS\RES\Reso calling lakes at sandridge ph 1.doc