HomeMy WebLinkAbout1989-15812/12!89(;k:ticOR'm1:
j RESOLUTION NO. 89- 15£�
a
A RESOLUTION OF THE BOARD OF COUNTY -
x COMISSIONERS OF INDIAN RIVER COUNTY,
�,� FLORIDA ALLOWING FOR A REDUCTION IN
POSTED SECURITY FOR FRONTAGE ROADS AND
SIDEWALKS AT THE LAKE iN THE WOODS
PROJECT.
WHEREAS, Waterford Associates posted Letter of
Credit No. 1987-1015 on September 29, 1987 as amended on
October 8, 1987; and
WHEREAS, said letter of credit secured the
installation of a 4 -foot sidewalk alone) 16tH Street and a
4 -foot sidewalk along State Road 60 and the installation of
frontage roads along State Road 60 at the Lake in the Woods
project as required under Site Plans SP -MA -85-08-94 and
SP -MA -85-12-143; and
WHEREAS, Indian River County has since amended its
ordinances to delete the requirement of installation of
frontage roads in residential projects; and
WHEREAS, the Poughkeepsie Savings Bank, FSB is now
the developer of the project and has requested a reduction
in the amount of the letter of credit in the amount
attributable to frontage roads no longer required,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
COUNTY COMI SSIONERS OF INDIAN RIVER COUNTY, FLORIDA that:
1. Indian River County hereby waives its rights
to draw on Irrevocable Letter of Credit and Agreement No.
1987-1015 dated September 29, 1987 as amended October 8,
1987 to the extent of $28,635.00 which amount was
attributable to frontage roads no longer required in
association with residential projects.
2. Indian River County retains the right to draw
on Letter of Credit No. 1987-1015 dated September 29, 1987
and as amended October 8, 1987 to the extent of $20,720.70,
which amount 1s attributable to sidewalk Installation costs