HomeMy WebLinkAboutCity Council Resolution 1987-495CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a special meeting of the City
Council of the City of Plymouth, Minnesota was held on the 27th day
of July , 1987. The following members were present: Mayor Schneider,
Councilmembers Zitur. Vasiliou and Sisk
The following members were absent: Councilmember Crain
Councilmember Sisk introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 87-495
REDUCING DEVELOPMENT BOND
GLEN ECHO PONDS 2ND ADDITION (84066)
WHEREAS, in accordance with the development contract dated March 7, 1985, Richard
Dempsey Contracting Company, Inc., developer of Glen Echo Ponds 2nd Addition
(84066), 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. 85-25 to guarantee the payment of the first two years of special
assessments for street and utility construction; and
WHEREAS, the developer has paid the first two years of special assessments for
said 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
Two year payment guarantee for
special assessments for construction
per Levy No. 10050
ORIGINAL AMOUNT NEW AMOUNT
$32,209.00 None
NOW, THEREFORE, BE IT FURTHER RESOLVED that Letter of Credit No. 85-25 in the
amount of $32,209.00 is hereby released.
The notion for the adoption of the foregoing Resolution was duly seconded by
Councilmemher Zitur , and upon vote being taken thereon, the
following voted in favor thereof- Mayor Schneider. Councilmemhers Zitiir.
Vasiljou and Sisk
The following voted against or abstained: None
Whereupon the resolution was declared duly passed and adopted.