HomeMy WebLinkAboutCity Council Resolution 1981-451CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a regular meetino of
. the City Council of the City of Plymouth, Minnesota was he d on the
20th day of duly '19_11. The following members were
present: Mayor Davenport, Councilmembers Hot Neils Schneider and Threinen.
The following members were absent: none
Councilmember Hoyt introduced the following Resolution and
moved its adoption:
RESOLUTION NO. 81-451
REDUCING DEVELOPMENT BOND
MEDICINE RIDGE ADDITION (A-515)
WHEREAS, in accordance with the Development Contract, dated
Richard Dempsey, developer of Medicine Ridge Addition (A-515) 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 $228,894 $127,751.02
That the letter of credit be reduced to $12.7,751.02 to reflect the paid assessments.
The motion for the adoption of the foregoing Resolution was duly seconded by
Coowuncilmember Threinen , and upon vote being taken thereon, the
following voted in favor them: Mayor Davenport, Councilmembers HovtsNeils,
Schneider and Threinen
The following voted against or abstained: none
Whereupon the Resolution was declared duly passed and adopted.