HomeMy WebLinkAboutCity Council Resolution 1982-642CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a regular meetine of
the City Council of the City of Plymouth, Minnesota was heTd on the
fth day of Decemher 19,a. The following members were
present:Schneider and Threinen .
The follow ng memiDers were absent: none
•!f tt* w•w
_ introduced the following Resolution and
mov!d its adoption:
RESOLUTION NO. 82.b42
REDUCING DEVELOPMENT BOND
MEDICINE RIDGE ADDITION (A-515)
WHEREAS, in accordance with the development contract, dated November 19, 1974,
Richard Dempsey, developer of Medicine Rime Addition (A-515),has agreed to
install certain improvements for said development; and
WHEREAS, the developer petitioned the City to complete the street and utility
improvements; and
WHEREAS, in accordance with City ordinances the developer provided a letter of
credit to guarantee the payment of the first two years of special assessments;
and
WHEREAS, the developer has paid the first tkyo years of special assessments; and
WHEREAS, the developer has requested a reduction of the development bond to
reflect the completed payments;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH
that the bonding requirements are reduced as follows:
ITEM ORIGINAL AMOUNT NEW AMOUNT
Two year payment guarantee
for special assessments $228,894 None
That the letter of credit be released
The motion for the adoption of the foregoing Resolution was duly seconded by
Co n ilmember Threinen , and upon vote being taken thereon, the
0 lowing voted n favor thereof:Mayor Davenport, Councilmembers Moen Neils,
Schnei er and Threinen
The following voted against ora stained: none
Whereupon the Resolution was declared duly passed and adopted.