HomeMy WebLinkAboutCity Council Resolution 1985-957CITY 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 2nd day
of December , 1985. The following members were present: Mayor Davenport,
CounclImembers Neils Schneider and Crain
The following members were absent: Councilmember Vasiliou
Councilmember Crain introduced the following Resolution and moved
its adoption:
RESOLUTION N0. 85- 957
REDUCING DEVELOPMENT BOND
RYAN BUSINESS CENTER (79012)
WHEREAS, in accordance with the development contract dated May 15, 1980,
Plymouth Industrial Associates, developer of Ryan Business Center (79012) 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 United
Pacific Bond No. U285262 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 $69,897.00 None
That Bond No. U285262 be released.
The motion for the adoption of the foregoing Resolution was duly seconded by
Councilmember Neils , and upon vote being taken thereon, the
following voted in favor thereof: Mayor Davenport, Councilmembers Neils,
Schneider and Crain
The following voted against or abstained: .One
Whereupon the Resolution was declared duly passed and adopted.