HomeMy WebLinkAboutCity Council Resolution 1979-747Councilmember Hoyt introduced the following Resolution and
moved its adoption:
RESOLUTION NO. 79-747
REDUCING DEVELOPMENT BOND
APPLECREST ADDITION (A-712)
WHEREAS, in accordance with the Development Contract, dated September 19, 1977,
Patrick Henry, developer of Applecrest Addition (A-712), has agreed to install
certain improvements for said development, and
WHEREAS, the Developer has completed a portion of the street, utility and site
grading as noted below, and
WHEREAS, the Developer has requested a reduction of the Development Bond to
reflect the completed work;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA that the bonding requirements are reduced as follows:
ITEM ORIGINAL AMOUNT NEW AMOUNT
Two year payment guarantee
for special assessments $38,746 $16,686
That the letter of credit be reduced to $16,686 to reflect the paid assessments.
The motion for the adoption of the foregoing Resolution was duly seconded by
Councilmember Neils , and upon vote being taken thereon, the
following vote in favor thereof: _ Mayor Hunt, Councilmembers Hoyt, Neils
and Spaeth _
ine Toiiowing votea against or aestainea: none
Whereupon the Resolution was declared duly ppssed and adopted.