HomeMy WebLinkAboutCity Council Resolution 1986-831CITY 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 15th day
of December , 1986. The following members were present:
Mayor c nei er, ouncilmembers Crain, Sisk, Vasiliou, and Zitur
The following members were absent: none
Councilmember Sisk introduced the following Resolution and moved
its adoption:
RESOLUTION NO. 86- 831
REDUCING DEVELOPMENT BOND
ISAIAH ADDITION (84070)
WHEREAS, in accordance with the development contract dated February 12, 1985,
Sheldon Schwartz and Patricia Ann Schwartz, developer of Isaiah Addition
(84070) 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. SB 3351 to guarantee the payment of the first two years of special
assessments; and
WHEREAS, the developer has paid the entire assessment on two lots and is
current with his taxes on the remaining three lots; and
0 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 BOND AMOUNT NEW AMOUNT
Two year payment guarantee
for special assessments $31,186.80 $ -0-
That the letter of credit required be reduced from $31,186.80 to $0 (Zero) to
reflect the payments made to date, and Letter of Credit No. SB 3351 is
released.
The motion for the adoption of the foregoing Resolution was duly seconded by
Councilmember Zitur , and upon vote being taken thereon, the
following voted in favor thereof: M_aXor SchnejdPC,,_Councilmembers Crain_ Sisk.
Vasilinu_ and Zitur
The following voted against or abstained: none
Whereupon the Resolution was declared duly passed and adopted.