HomeMy WebLinkAboutCity Council Resolution 1983-028CITY OF PLYMO.,
Pursuant to due call and notice thereof,a or meeting of the City
Council of the City of Plymouth, Minnesota was held on the 10th day ot(
i danuary , 19e 3 The following members were present:Mayor Davenport,
rnunri embers Moen. Neils, Schneider & Threinen. The follow nq members were
sent: none__
Councilmember Moen introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 83-28
REDUCING DEVELOPMENT BOND
PLYMOUTH FREEWAY CENTER 2ND ADDITION (79035)
WHEREAS, in accordance with the development contract dated October 9, 1979,
Plymouth Freeway Center, developer of Plymouth Freeway Center 2nd Addition
(79035), has agreed to install certain improvements for said development; and
WHEREAS, the developer has completed a portion of the street and utility
Improvements; and
WHEREAS, in accordance with City ordinances the developer provided Letter of
Credit No. 3048 to guarantee the payment of the first two years of special
assessments; and
WHEREAS, the developer has paid the first two 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, MINNESOTA that the bonding requirements are reduced as follows:
ITEM
ORIGINAL AMOUNT NEW AMOUNT
Two year payment guarantee
for special assessments $22,825 None
That the letter of credit be released.
The motion for the adoption of the foregoinq Resolution was duly seconded by
i n , and upon vote being taken thereon, the
rollowIng voted n Iravor thereof: Mayor. Daven ort, Councilmembers Moen, Neils,
10 Srbqgjdqg and Th einem
the following voted against or abstained:
Whereupon the Resolution was declared duli