HomeMy WebLinkAbout2004-046RESOLUTION NO. 2004- 046
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY M -R HOMES,
LTD., A FLORIDA LIMITED PARTNERSHIP IN ITS
OBLIGATION TO COMPLETE REQUIRED
IMPROVEMENTS TO SEASONS, P.D., AND
AUTHORIZING STAFF TO MAKE SIGHT DRAFT
AGAINST BANK OF AMERICA IRREVOCABLE
STANDBY LETTER OF CREDIT NO. 3046140
DATED FEBRUARY 12, 2002 AS AMENDED BY
AMENDMENT NUMBER 1 DATED MAY 2, 2003.
WHEREAS, on February 6, 2002 M -R Homes, Ltd., a Florida limited
partnership entered into a Contract for Construction of Required Improvements
No. PD -01 -08 -18 -CFC (99110063-26994), relating to Seasons, P.D.; and
WHEREAS, on May 6, 2003 the Board of County Commissioners
approved a Modification to Contract for Construction of Required Improvements
No. PD -01 -08 -18 -CFC (99110063-26994) extending the date for completion of
the required improvements to February 12, 2004; and
WHEREAS, in order to guarantee performance of the contract and
modification, the developer provided Amendment Number 1 to Bank of America
Irrevocable Standby Letter of Credit No. 3046140 extending the expiration date
of the Letter of Credit to May 12, 2004; and
WHEREAS, that agreement to construct required subdivision
improvements, as modified, has not been complied with,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
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RESOLUTION NO. 2004- QA
1. That pursuant to the Contract for Construction of Requirement
Improvements, as modified, between M -R Homes, Ltd. and Indian River
County, relating to Seasons, P.D. which contract is numbered No. PD -01 -08 -18 -
CFC (99110063-26994), M -R Homes, Ltd. has defaulted under the terms of the
aforementioned Contract for Construction of Required Improvements and
Modification, and that the amount of the draft represents the amount required by
the County to fulfill the performance of said Contract for the Construction of
Required Improvements as modified.
2. Office of Management and Budget is directed to present this
Resolution together with a sight draft marked "DRAWN ON IRREVOCABLE
LETTER OF CREDIT NO. 3046140 OF BANK OF AMERICA, N.A." to the office
of Bank of America, N.A. Trade Operations, Miami Lakes Operations Center,
5875 NW 163rd Street, Hialeah, Florida 33014, on or before May 12, 2004.
The resolution was moved for adoption by Commissioner Neuberger, and
the motion was seconded by Commissioner Lowther , and, upon being put to
a vote, the vote was as follows:
Chairman Caroline D. Ginn Aye
Vice Chairman Arthur R. Neuberger Ace
Commissioner Fran B. Adams Aye
Commissioner Thomas S. Lowther Ayp
Commissioner Kenneth R. Macht AVe-
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RESOLUTION NO. 2004-046
The Chairman thereupon declared the resolution duly passed and
adopted this -4th. day of May, 2004.
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BOARD OF COUNTY COMMISSIONERS
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Caroline D. Ginn, Ch rman
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