HomeMy WebLinkAboutCity Council Resolution 1987-011Pursivant
CouneiI
of Jan
CITY OF PLYMOUTH
to due call and notice thereof, a regular meeting of the City
of the Citf of Plymouth, Minnesota was held on the 5th day
uary 1987. The following members were present:
--I— !` J _ \ . \ I J 1 t .. - — J 7 J J . —
The following members were absent: none
Cauncilmmber Sisk introduced the following Resolution and moved
it■ adoption:
RESOLUTION NO. 87-11
REDUCING DEVELOPMENT BOND
WOODLANDS ADDITION (84030)
WHEREAS, in accordance with the development contract dated May 28, 1985,
Zachary Lane Development Corporation, developer of Woodlands Addition (84030)
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. NCB 2654/SB50801 to guarantee the payment of the first two years of
special assessments for Project 225; and
WHEREAS, the developer has paid the entire special assessment on certain lots
as well as the first years assessment on other 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:
164=fi
Two year payment guarantee
for special assessments
ORIGINAL AMOUNT NEW AMOUNT
$181,991.00 $41,805.00
The motion for the adoption of the foregoing Resolution was duly seconded by
Councilmwftr Zitur and upon vote being taken thereon, the
foil ns voted is favor thereof: Mayor Schneider, Councilmembers Crain, Sisk,
Vasiliou, and Zitur
The following voted against or abstained: none
r Whereupon the Resolution was declared duly passed and adopted. .
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