HomeMy WebLinkAboutCity Council Resolution 1985-960Pursuant 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,
ounc rs Ne—11s, Schneider and Crain The follow ngmembers were
Councilmember Crain introduced the following Resolution and noved its
adoption:
RESOLUTION NO. 85- 960
REDUCING DEVELOPMENT BOND
MISSION HILLS PARK 671-1 ADDITION (A-338)
WHEREAS, in accordance with the development contract dated April 24, 1983, Mission
Hills Park 6th Partnership, developer of Mission Hills Park 6th Addition (A-338),
has agreed to install certain improvements for said development; and
WHEREAS, the developer has completed a portion of the street and utility improve-
ments; and
WHEREAS, in accordance with City ordinances the developer provided Letter of Credit
No. SB 1834 to guarantee the payment of the first two years of special assessments;
and
WHEREAS, the developer has paid the first year of special assessments: and
WHEREAS, the developer has requested a reduction of the development bond to re-
flect 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
Two year payment guarantee
for special assessments
ORIGINAL AMOUNT NEW AMOUNT
$157,256.00 $77,273.00
That the letter of credit be reduced from $157,256.00 to $77,273.00 to reflect pay-
ment of the first year of Special Assessments.
The motion for the adoption of the foregoing Resolution was duly seconded by
Councilmember Neils , and upon vote being taken thereon, the follow-
ing voted in favor thereof: yor Daven�rt,Councilmembers Neils, Schneider
and Crain
We following voted against or a stain none
Whereupon the Resolution was declared duly passe and a opte . *�*