HomeMy WebLinkAbout2005-174 r '
RESOLUTION NO. 2005-174
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY TRADE
WIND COAST DEVELOPMENT, L.L.C. IN ITS
OBLIGATION TO COMPLETE REQUIRED
SIDEWALK IMPROVEMENTS TO HIGH HAWK OF
VERO BEACH PHASE 1, AND AUTHORIZING
STAFF TO MAKE SIGHT DRAFT AGAINST INDIAN
RIVER NATIONAL BANK IRREVOCABLE LETTER
OF CREDIT NO. 05-0004 - DATED AUGUST 22,
2003.
WHEREAS, on August 5, 2003 Trade Wind Coast Development, L.L.C.
entered into a Contract for Construction of Required Sidewalk Improvements No.
SD-98-06-06-CFCSIDE (98010101-34528), relating to High Hawk of Vero Beach
Phase 1; and
WHEREAS, that agreement required certain sidewalk improvements to be
constructed on or before August 5, 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 Indian River National Bank Irrevocable Letter of Credit No.
05-0004 dated August 22, 2003 in the amount of $40,282.20, with an expiration
date of November 22, 2005.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
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RESOLUTION NO. 2005- 174
1. That Trade Wind Coast Development, L.L.C. 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 $40,282.20 marked "DRAWN ON IRREVOCABLE
LETTER OF CREDIT NO. 05-0004 OF INDIAN RIVER NATIONAL 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 Trade Wind Coast Development,L.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, to the office of Indian River National Bank, 5240 Babcock Street
NE, Palm Bay, Florida 32905 on or before November 22, 2005.
The resolution was moved for adoption by Commissioner Davis and
the motion was seconded by Commissioner Bowden , and, upon being put to
a vote, the vote was as follows:
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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 18th day of October, 2005.
BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA
QBy SF
Thomas S. Lowther, Chairman
ATT effrey K. Bart rk
By-�
Deputy Clerk APPROVED AS TO FORM
AND LEGAL SUFFICIENCY
®Y ?�.�1
WILLIAM G.COLLINS 11
COUNTY ATTORNEY
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