HomeMy WebLinkAboutCity Council Resolution 1987-734CITY 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 2nd day
of vpmhpr , 1987. The following members were present:
Mayor Schneider, Councilmembers Vasiliou, Zitur, Crain and Sisk
The following members were absent: None
Councilmember Sisk introduced the following Resolution and moved
its adoption:
RESOLUTION N0. 87- 734
REDUCING DEVELOPMENT BOND
AMHURST NINTH ADDITION (79046)
WHEREAS, in accordance with the development contract dated August 2, 1984, Hans
Hagen Homes, Inc., developer of Amhurst Ninth Addition (79046), 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. SB 3425 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, MINNESOTA that the bonding requirements are reduced as follows:
ITEM
ORIGINAL AMOUNT NEW AMOUNT
Two year payment guarantee
for special assessments $73,362.00 None
That Letter of Credit No. SB 3425 is hereby 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 Vasiliou,
Zitur. Crain and Sisk
The following voted against or abstained: None
Whereupon the Resolution was declared duly passed and adopted.