HomeMy WebLinkAbout2005-211 RESOLUTION NO. 2005- 211
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY SHOWCASE
DESIGNER HOMES, L.C. IN ITS OBLIGATION TO
POST ALTERNATE SECURITY TO GUARANTEE
COMPLETION OF REQUIRED IMPROVEMENTS TO
ANSLEY PARK PLANNED DEVELOPMENT, AND
AUTHORIZING STAFF TO MAKE SIGHT DRAFT
AGAINST BANK OF AMERICA IRREVOCABLE
STANDBY LETTER OF CREDIT NO. 3060849.
WHEREAS, on February 3, 2004 the Board of County Commissioners of
Indian River County approved a Contract for Construction of Required Sidewalk
Improvements No. PD-02-06-09-CFCSIDE (2001080023) relating to Ansley Park
Planned Development; and
WHEREAS, in order. to guarantee performance of the contract, the
developer provided Bank of America Irrevocable Standby Letter of Credit No.
3060849 in the original amount of $53,741.34, with an original expiration date of
January 5, 2005 with provision for automatic extension for additional one year
periods; and
WHEREAS, Bank of America has provided written notice to Indian River
County of its intent not to renew said irrevocable standby letter of credit,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA THAT:
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gy RESOLUTION NO. 2005- 211
1. Pursuant to the Contract for Construction of Required Sidewalk
Improvements No. PD-02-06-09-CFCSIDE (2001080023) relating to sidewalks in
Ansley Park Planned Development between Showcase Designer Homes, L.C.
and Indian River County, Showcase Designer Homes, L.C. has defaulted under
the terms of the aforementioned Contract for Construction of Required Sidewalk
Improvements or failed to post alternative security 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.
2. Office of Management and Budget is directed to present a sight
draft in the amount of $53,741.34 marked "DRAWN ON IRREVOCABLE
LETTER OF CREDIT NO. 3060849 OF BANK OF AMERICA" accompanied by a
statement purportedly signed by both an authorized officer of Management and
Budget for Indian River County and the Director of Community Development for
Indian River County to Bank of America, N.A. Trade Operations, Miami Lakes
Operations Center, 5875 NW 163rd Street, Hialeah,. FL 33014 on or before
January 5, 2006, stating the following:
"Pursuant to the Contract for Construction of
Required Sidewalk Improvements No. PD-02-0609-
CFCSIDE (2001080023) relating to sidewalks in
Ansley Park Palnned Development between
Showcase Desinger Homes, L.C. and Indian River
County, Showcase Designer Homes, L.C. has
defaulted under the terms of the aforementioned
Contract for Construction of Required Sidewalk
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T
RESOLUTION NO. 2005- 211
Improvements or failed to post alternative security
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."
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 Ave .
The Chairman thereupon declared the resolution duly passed and
adopted this 13th day of December, 2005.
BOARD OF COUNTY COMMISSIONERS
IND RIVER COUNTY, FLORIDA
By Iti`
Thomas S. Lowther, Chairman
ATTEST: :;effrey-K. Barton,_Clerk
By. 9wj�
_
Deaty CI. k
APPfIOVED AS TO FORM
AND
,LE,C��,A1( SUFFICIENCY
Y
WILLIAM O.COLLINS d
COUNTY AIITTORNEV
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