HomeMy WebLinkAbout2004-119rA
RESOLUTION NO. 2004-11L
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY ROSEWOOD
ROAD EAST DEVELOPMENT CORPORATION, A
FLORIDA CORPORATION, IN ITS OBLIGATION TO
COMPLETE REQUIRED IMPROVEMENTS TO OLD
SAVANNAH SUBDIVISION, AND AUTHORIZING
STAFF TO MAKE SIGHT DRAFT AGAINST INDIAN
RIVER NATIONAL BANK IRREVOCABLE LETTER
OF CREDIT NO. 01-0103 DATED JULY 15, 2003,
AS AMENDED.
WHEREAS, on June 15, 2003, Rosewood Road East Development
Corporation, a Florida corporation, entered into a Contract for Construction of
Required Improvements No. SD -20 -020 -70081 -CFC (2002070081), relating to
Old Savannah Subdivision; and
WHEREAS, in order to guarantee performance of the contract, the
developer provided Indian River National Bank Irrevocable Letter of Credit No.
01-0103 in the amount of $679,400.00 with an expiration date of October 15,
2004; and
WHEREAS, by Amendment to Irrevocable Letter of Credit No. 01-0103,
Indian River National Bank reduced Irrevocable Letter of Credit No.. 01-0103 to
$491,348.77; and
WHEREAS, that agreement to construct required subdivision
improvements has not been complied with,
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r s.
RESOLUTION NO. 2004- 119
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
1. That pursuant to the Contract for Construction of Requirement
Improvements between
Rosewood
Road
East Development
Corporation, a
Florida corporation, and
Indian
River
County, relating to
Old Savannah
Subdivision, which contract is numbered No. SD -20 -020 -70081 -CFC
(2002070081), Rosewood Road East Development Corporation has defaulted
under the terms of the aforementioned Contract for Construction of Required
Improvements, 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.
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. 01-0103, as amended, of Indian River National Bank"
to Indian River National Bank, 958 20th Place, Vero Beach, Florida, on or before
October 15, 2004.
The resolution was moved for adoption by Commissioner NeuberQerand
the motion was seconded by Commissioner Adams , and, upon being put to
a vote, the vote was as follows:
Chairman Caroline D. Ginn Aye
Vice Chairman Arthur R. Neuberger
AVt-
Commissioner Fran B. Adams Aye
CommissionerThomas S. Lowther AVP
Commissioner Kenneth R. Macht AVP
K
FA\Attorney\Nancy\DOCS\RES\Reso calling old savannah.doc
RESOLUTION NO. 2004- 119
The Chairman thereupon declared the resolution duly passed and
adopted this 12th day of October, 2004.
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BOARD OF COUNTY COMMISSIONERS
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INDIAN RIVER COUNTY, FLORIDA
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By-
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Caroline D. Ginn, ChaiWan
`$-P'rey,
"BATT -ioff K1,gB•arton, Clerk
By.'
BCC approved: 10-12-2004
•Deputy G1�Fk
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