HomeMy WebLinkAboutCity Council Resolution 1987-293CITY 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 411 day
of May , 1987. The following members were present: Mayor Schneider,
_ Councilmembers Crain, Sisk, Vasiliou and Zitur _
The following members were absent: none
Councilmember Crain introduced the following Resolution and moved
its adoption:
RESOLUTION NO. 87- 293
REDUCING DEVELOPMENT BOND
SCHERER INDUSTRIAL DEVELOPMENT (84045)
WHEREAS, in accordance with the development contract dated March 25, 1985,
Scherer Brothers Lumber Company, developer of Scherer Industrial Development
(84045) 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. 67349 to guarantee the payment of the first two years of special
assessments for street construction and Letter of Credit No. 67348 to guarantee
the payment of the first four years of special assessments for utility
construction; and
WHEREAS, the developer has paid the first two years of special assessments for
each levy; 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 for construction
per Levy No. 10052 $156,037.00 None
Four year payment guarantee for
special assessments for utility
construction per Levy No. 10053 $252,188.00 $113,213.20
NOW, THEREFORE, BE IT FURTHER RESOLVED that Letter of Credit No. 67349 in the
amount of $156,037.00 is hereby released and Letter of Credit No. 67348 in the
amount of $252,188.00 is hereby reduced to $113,212.20.
The motion for the adoption of the foregoing Resolution was duly seconded by
Councilmember Sisk , and upon vote being taken thereon, the
following voted in favor thereof: Mayor Schneider, Councilmembers Crain,
Sisk and Vasiliou
The following voted against or abstained: uouffc—ilmeomer Litur
Whereupon the Resolution was declared duly pa.:ed and adopted.