R98-061RESOLUTION NO. R98-~/
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF BOYNTON BEACH, FLORIDA, APPROVING AND
ACCEPTING A LETTER OF CREDIT SUBMITTED BY
GROVE PLAZA AND ISSUED BY 1ST UNITED BANK, (NO.
77446) IN THE AMOUNT OF $215,879.00; AND PROVIDING
AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Boynton Beach, upon recommendation
of staff, does hereby accept the above referenced Letter of Credit in the amount of $215,879.00
as surety for completion of the water distribution and sanitary sewer improvements and site
restoration for Grove Plaza;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA THAT:
Section 1. The City Commission of the City of Boynton Beach, Florida, hereby approves
and accepts a Letter of Credit submitted by Grove Plaza, and issued by 1st United Bank in the
amount of $215,879.00 as surety for completion of the water distribution and sanitary sewer
improvements and site restoration for Grove Plaza;
Section 2. That this Resolution shall become effective immediately upon passage.
PASSED AND ADOPTED this 7' day of .~)7,,~/~
,1998.
CITY OF BOYNTON BEACH, FLORIDA
C)~/~miss~ ' er-~~ff~~
/
!
s:cakReso\Letter of Credit\Grove Plaza
lsx UNITED BANK
CLEAN IRREVOCABLE LETTER OF CREDIT
NO. 77446
(as amended March 12, 1998)
To:
City of Boynton Beach
City Conu~ission
Boynton Beach, Florida
March 2, 1998
Amount: $215,879.00
Expiry: March 2, 1999
Permittee:
Walter H. Janke
2742 N.E.4th Street
Pompano Beach, Florida 33062
We hereby open our Clean Irrevocable Letter of Credit
No. 77446 in favor of The City of Boynton Beach for the
amount of Two Hundred Fifteen Thousand, Eight Hundred
Seventy Nine and No/100ths Dollars ($215,879.00) effective
as of this date, for the account of Walter H. Janke
(Permittee).
Purpose:
This Letter of Credit is opened as a requirement of the
City of Boynton Beach to insure that Permittee performs all
of its obligations regarding the water distribution and
sanitary sewer improvements and site restoration as shown on
engineering plans 8, 9, 9A, 10 & 11 prepared by Carnahan-
Proctor & Associates, Inc. The work shall be done in that
commercial development registered as Grove Plaza located at
the Southeast corner of Lawrence Road and Hypoluxo Road in
Boynton Beach, Florida, having a legal description of:
A portion of the North 1/2 of of the North 1/2
of the NW 1/4 of the NW 1/4 of Section 7, Township
45 South, Range 43 East, City of Boynton Beach,
Palm Beach County, Florida
980 North Federal Highway, Boca Raton, Florida 33432 · (561) 392-4000 · Fax (561) 392-4274
Method of Disbursement:
Funds under this Letter of Credit are available to the
City of Boynton Beach hereafter not exceeding in aggregate
the amount of this Letter of Credit against the City of
Boynton Beach's demand for payment on us mentioning our
Letter of Credit No. 77446. Any such drawings must be
accompanied by a written statement as follows:
"Drawing under this Letter of Credit No. 77446
is due to the default or failure of the Permittee
to comply with the provisions of the City of Boynton
Beach Code of Ordinances and/or Land Development
Regulations regarding the completion of water and
sewer improvements within that project known as
Grove Plaza" within the prescribed contractual time
limit".
Ail drawings under this Letter of Credit must be mailed
or delivered to 1st United Bank, Attn: Letter of Credit
Department, 980 N. Federal Highway, Boca Raton, Florida
33432.
Expiration Date(s):
This Letter of Credit No. 77446 shall expire on March
2, 1999. However, it is a condition of this Letter of
Credit that it shall be automatically extended for an
additional period of one year from the present or or from
each future expiration date unless the Bank has notified you
in writing, not less than ninety (90) days before such ex-
piration date, that we elect not to renew this Letter of
Credit. Our notice of such election shall be sent certified
mail to the address of the beneficiary shown above, to the
attention of the City Clerk.
Othewise, this Letter of Credit is irrevocable and
shall remain enforceable until released by a resolution
adopted by the City Commission of The City of Boynton Beach.
Designated Agent:
The designated agent within the State of Florida who
will accept notice of process is Robert F. McCarn.
This Letter of Credit is enforceable in a court of
competent jurisdiction in Palm Beach County, Florida, and is
to be interpreted by Florida Law.
This Letter of Credit is subject to the "Uniform
Customs and Practice for Documentary Credits (1993
Revision)" International Chamber of Commerce Publication No.
500.
1st United Bank
A Subsidiary of Wachovia Bank, N.A.