HomeMy WebLinkAboutCity Council Resolution 1987-262CITY 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 20th day
of April, 1987. The following members were presen�ayor Schneider,
Council Cr
embers ain, Sisk, Vasiliou and Zitur
The following members were absent: none
Councilmember Sisk introduced the following Resolution and moved
its adoption:
RESOLUTION N0. 87- 262
REDUCING DEVELOPMENT BCND
FOX FOREST ADDITION (80045)
WHEREAS, in accordance with the development contract dated November 10, 1982,
Cheyenne Land Company, developer of Fox Forest Addition (80045) 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. 1007 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 that the bonding requirements are reduced as follows:
ITEM
ORIGINAL AMOUNT NEW AMOUNT
Two year payment guarantee
for special assessments $171,720.00 None
That the letter of credit be 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: Mayor Schneider, Councilmembers Crain, Sisk,
Vasiliou and Zitur
The following voted against or abstained: none
Whereupon the Resolution was declared duly passed and adopted.