HomeMy WebLinkAboutCity Council Resolution 1985-414CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a regular meeting of the City
Council of the City of Plymouth, Minnesota was held on the 3rd day
of June , 1985. The following members were present: Mayor Davenport,
The following members were absent: none
Councilmember Schneider introduced the following Resolution and moved
its adoption:
RESOLUTION NO. 85- 414
REDUCING DEVELOPMENT BOND
OXBOW RIDGE ADDITION (81035)
WHEREAS, in accordance with the development contract dated May 17, 1982,
Richard J. Deziel and Irene T. Deziel, developer of Oxbow Ridge Addition
(81035) 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, in accordance with City ordinances the developer provided Letter of
Credit No. 62687 to guarantee the payment of the first two years of special
assessments; and
WHEREAS, the developer has paid the entire assessment on eighteen lots; 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 AMC
Two year payment guarantee
for special assessments $172,000 $-0-
That the letter of credit required be reduced from $31,290 to $0 (zero) to
reflect the payments made to date, ane Letter of Credit No. 62687 be released.
The motion for the adoption of th(: foregoing Resolution was duly seconded by
Councilmember Vasiliou , and upon vote being taken thereon, the
. following voted in favor thereof. Mayor Davenport, Councilmembers Schneider,
Neils. Crain and 050 liou
The following voted agai►a t -r abstained: none
Whereupon the Resolution was declared duly passed and adopted.