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HomeMy WebLinkAboutCity Council Resolution 1988-025CITY OF PLYMOUTH Pursuant to due call and notice thereof, a regular meeting of the City Council of F the City of Plymouth, Minnesota was held on the 4th day of January 1988. The following members were present: Mayor Schneider, Councilmembers Vasiliou , Bucker. Zitur and Sisk The following members were absent: None Councilmember Sisk introduced the following Resolution and moved its adoption: RESOLUTION NO. 88-25 REDUCING DEVELOPMENT BOND BASS LAKE ESTATES 2ND ADDITION (86065) WHEREAS, in accordance with the development contract dated July 9, 1986, Bass Lake Development, Inc., developer of Bass Lake Estates 2nd Addition (86065), has agreed to install certain improvements for said development; and WHEREAS, the developer has completed a portion of the street, utility improvements; and WHEREAS, in accordance with City ordinances the developer provided Letter of Credit No. 00207 to guarantee the payment of the first two years of special assessments for street 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, MINNESOTA; that the bonding requirements are reduced as follows: Two year payment guarantee for special assessments for construction of Northwest Boulevard $7,215.00 None NOW, THEREFORE, BE IT FURTHER RESOLVED that Letter of Credit No. 00207 in the amount of $7,215.00 is hereby released. The notion for the adoption of the foregoing Resolution was duly seconded by Cot#ncilmember Zitur , and upon vote being taken thereon, the following voted in favor thereof: _ Hanr Schneider, Couneilmembers Vasiliou. Ricker. Zitur and Sisk The following voted against or abstained: Whereupon the Resolution was declared duly passed and adopted. �a�3