HomeMy WebLinkAbout1993-176~,~~g~~;;!g~!~~~~O .FO IFN D'I.A TNH ER IVEBRo ACRODU NTOYF, FLCOORUINDTAY,
••..•..•••. THE DEFAULT OF COPELAND LANDING,
UtlIDE·R THE·· TERMS OF CONTRACT NO •
. PRD-lll0-1 AND AUTHORIZING DRAFT ON
INTERNATIONAL MIAMI LETTER OF
NO. EM29888092 DATED JULY 29, 1992 WITH
,AMENDMENT NO.1 DATED DECEMBER 1, 1992 (ISSUING
.. BANK- CAISSE CENTRALE DES JARDINS, MONTREAL,
REF.: LCS 4788/189; DATED JULY 15, 1992).
WHEREAS, County Development Regulations require~,~~g~~;;!g~!~~~~O .FO IFN D'I.A TNH ER IVEBRo ACRODU NTOYF, FLCOORUINDTAY,
••..•..•••. THE DEFAULT OF COPELAND LANDING,
UtlIDE·R THE·· TERMS OF CONTRACT NO •
. PRD-lll0-1 AND AUTHORIZING DRAFT ON
INTERNATIONAL MIAMI LETTER OF
NO. EM29888092 DATED JULY 29, 1992 WITH
,AMENDMENT NO.1 DATED DECEMBER 1, 1992 (ISSUING
.. BANK- CAISSE CENTRALE DES JARDINS, MONTREAL,
REF.: LCS 4788/189; DATED JULY 15, 1992)..
WHEREAS, County Development Regulations require development . .. , . ,
p~tlmprovements to be in place before a plat is recorded; and
WHEREAS, a plat may be recorded prior to construction of
required improvements if the developer contracts with the County to complete
those required improvements within one year of final plat approval and posts
adequate security to guaranty that contractual agreement; and
WHEREAS, COPELAND LANDING, INC., a Florida corporation,
entered into a contract on behalf of the development known as Copelands
Landing Riverside, P.R.D. which contract was numbered PRD-90-10-09; and
WHEREAS, the contract was secured by a NationsBank
International Miami Irrevocable Letter of Credit No. EM29888092 (Issuing
Bank Ref.: LCS 4788/189) in the amount of $55,000.00 with issue date of
July 29, 1992 with Amendment No. 1 dated December 1, 1992, lowering the
amount to $49,500.00 and extending the expiration date to November 8, 1993,
naming Indian River County Board of County Commissioners as beneficiary
with Caisse Centrale Des Jardins, Montreal, Canada 8S issuing bank
(Irrevocable LeUer of Credit No. LCS 4788/189); and
WHEREAS, COPELAND LANDING, INC. has failed to perform its
.. obligations under the "Contract for Construction of Required Improvements
PRD-90-10-09" •
NOW, THEREFORE, BE IT RESOLVED by the Board of County
1. The above statements are ratified in their entirety.
2. WE HEREBY CERTIFY THAT COPELAND LANDING, INC. HAS
UNDER THE TERMS OF THE COPELANDS LANDING RIVERSIDE,
. C~NTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS
N()~'PRD-91l-10';09 BETWEEN COPELAND LANDING, INC. AND INDIAN RIVER·
" .. ; '-"""', ... -..
1
.. -~ .'
~(t,'~t;)REIQtJl[RED'BY THE COUNTY TO FULFILL THE PERF()RMANCE OF
FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS NO •
• Developer, Copeland Landing, Inc. has been notified of the
';" 'dfMcien'cl~sinits performance of Contract No. PRD-90-10-09.
4. The Chairman of the Board of County Commissioners of Indian
County is hereby authorized to execute this resolution certifying
default along with any other necessary documents to call the Irrevocable
Lett~r of Credit of Caisse Centrale Des Jardins, Montreal, Canada (Issuing
Bank Ref.: LCS 4788/189) by draft drawn on NationsBank International Miami
LIC Ref. No. EM29888092, as amended.
5. This draft is drawn on NationsBank International Miami Letter
of Credit No. EM29888092 dated July 29, 1992 with Amendment No. 1 dated
December 1, 1992; reference Caisse Centrale Des Jardins, Montreal, Canada
issuing bank Letter of Credit No. LCS 4788/189 dated July 15, 1992.
6. The Director of the Indian River County Office of Management
~.' and Budget is hereby directed to submit this resolUtion, original confirming
b
letter of credit of NationsBank International Miami with Amendment No.1,
and the validated copy of the original Letter of Credit issued by Caisse
Centrale Des Jardins, Montreal, Canada, by sight draft in the amount of
$49,500.00 U.S. dollars marked "DRAWN ON IRREVOCABLE LETTER OF
CREDIT NO. LCS 4788/189 AND NATIONSBANK INT'L REFERENCE NUMBER
EM29888092", to L/C Department, NationsBank International Miami, 80 S. W .
8th Street, 23rd Floor, Miami, Florida 33130, U. S.A., arriving at the
counters of NationsBank International Miami prior to 3:30 p.m. on October
15, 1993.
The foregoing resolution was offered by Commissioner Eggert
and seconded by Commissioner
vote was as follows:
Ti ppi n , and, being put to a vote, the
Chairman Richard N. Bird Aye
Vice Chairman John W. Tippin Aye
Commissioner Fran B. Adams Aye
Commissioner Carolyn K. Eggert Aye
Commissioner Kenneth R. Macht Aye
2
INDIAN RIVERCOl)NTY. FLORIDA
. BOARD OF COUNTY COMMISSIONERS
By .~a-e.o
RicKard N.· Bird~ 4man
3
APPROVED "S TO FORM ~O LEGAL SUFFICIENCY
8Y~4zf.!~
WILLIAM G. COLLINS "
DEPUTY COUNTY ATTORNEY