HomeMy WebLinkAbout2005-080 RESOLUTION NO. 2005- 080
A RESOLUTION OF .THE -BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY
MAINSTREET AT VERO BEACH, INC. IN ITS
OBLIGATION TO PERFORM REMEDIAL WORK
RELATING TO THE REPLAT OF SABAL TRACE
SUBDIVISION, AND AUTHORIZING STAFF TO
MAKE SIGHT DRAFT AGAINST SOUTHTRUST
BANK IRREVOCABLE LETTER OF CREDIT NO.
273300 DATED MARCH 24, 2004.
WHEREAS, under Warranty, Guaranty and Maintenance Agreement, and
Bill of Sale for Required Improvements, Mainstreet at Vero Beach, Inc. the
developer of the Replat of Sabal Trace Subdivision, guaranteed certain
improvements for a 1-year period; and
WHEREAS, as a guarantee, the developer provided SouthTrust Bank
Irrevocable Letter of Credit No. 273300 dated March 24, 2004 in the amount of
$7,089.11; and
WHEREAS, remedial work is needed to be performed and Developer has
not responded to Indian River County Engineering staff's request to perform
same,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
1 . That Mainstreet at Vero Beach, Inc. has defaulted under the terms
of the aforementioned Warranty, Guaranty, and Maintenance Agreement, and
Bill of Sale for Required Improvements.
1
FAAttorney\Nancy\DOCS\RES\Reso calling replat of sabal trace.doc
RESOLUTION NO. 2005-oso
2. The amount of the draft represents the amount required by the
County to fulfill the performance of said contract.
3. Office of Management and Budget is directed to present this
Resolution together with a sight draft marked "DRAWN ON IRREVOCABLE
LETTER OF CREDIT NO. 273300 OF SOUTHTRUST BANK" to the office of
SouthTrust Bank, 4000 20th Street, Vero Beach, FL 32960, on or before June
24, 2005.
The resolution was moved for adoption by Commissioner Neubergerand
the motion was seconded by Commissioner Wheel er , 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 Aye
The Chairman thereupon declared the resolution duly passed and
adopted this 24th day of May, 2005.
BOARD OF COUNTY COMMISSIONERS
IN RIVER COUNTY,,,FLpORIDA
By
Thomas S. Lowther, Chairman
KIP
ATT ST: Jeffrey, K. Bb Clerk
13�"jo
', A��s�t.dut�C��aG1t
eputy Clerk
iAlILUAM 0.C LLINS
2 00UNTVATq'QRUSY
FAAttorney\Nancy\DOCS\RES\Reso calling replat of sabal trace.doc
f