HomeMy WebLinkAbout2004-101RESOLUTION NO. 2004- 101
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY WINDSOR
PROPERTIES, A FLORIDA GENERAL
PARTNERSHIP, IN ITS OBLIGATION TO
COMPLETE REQUIRED IMPROVEMENTS TO
WINDSOR PLAT 25 P.D., AND AUTHORIZING
STAFF TO MAKE SIGHT DRAFT AGAINST
WACHOVIA BANK, NATIONAL ASSOCIATION
IRREVOCABLE STANDBY LETTER OF CREDIT
NO. SM203748W DATED JUNE 20, 2003.
WHEREAS, on June 24, 2003 Windsor Properties, a Florida general
partnership, entered into a Contract for Construction of Required Improvements
No. PD -03-01-06 (2002100039-34925), relating to Windsor Plat 25 P.D.; and
WHEREAS, in order to guarantee performance of the contract, the
developer provided Wachovia Bank, National Association, Irrevocable Standby
Letter of Credit No. SM203748W in the amount of $443,083.59 with an
expiration date of September 24, 2004; and
WHEREAS, that agreement to construct required subdivision
improvements 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- 101
1. That pursuant to the Contract for Construction of Requirement
Improvements between Windsor Properties, a Florida general partnership, and
Indian River County, relating to Windsor Plat 25 P.D. which contract is
numbered No. PD -03-01-06 (2002100039-34925), Windsor Properties 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. SM203748W OF WACHOVIA BANK, NATIONAL
ASSOCIATION" to Wachovia Bank, National Association, International Division,
200 S. Biscayne Boulevard, Miami, Florida 33131, on or before September 24,
2004; with a copy of same faxed the same date to 336-735-0950.
The resolution was moved for adoption by Commissioner Adams and
the motion was seconded by Commissioner Neuberger , and, upon being put to
a vote, the vote was as follows:
Chairman Caroline D. Ginn Aye
Vice Chairman Arthur R. Neuberger Aye
Commissioner Fran B. Adams Aye
Commissioner Thomas S. Lowther Aye
Commissioner Kenneth R. Macht A
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RESOLUTION NO. 2004-101
The Chairman thereupon declared the resolution duly passed and
adopted this �1 st" day of September, 2004.
,,.. BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA
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