HomeMy WebLinkAboutCity Council Resolution 1988-355CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a _ ,onla r meeting of the City Council of
the City of Plymouth, Minnesota was held on ►ne 20th day of •lune
1988. The following sabers were present: Mayor Schneider. Councilmembers Vasiliou
Qire1_rer Zitur and Sia_1c
The following members were absent: None
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Loom 'lumber Sisk introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 88-355
REDUCING DEVELOPMENT BOND
SUOMALA ADDITION (86076)
WHEREAS, in accordance with the development contract dated March 16, 1987, Paul A.
Suomala and Dorothy M. Suomala, developer of Suomala Addition (86076), have 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 a Letter of Credit
to guarantee the payment of the first two years of special assessments for street
construction; and
SWHEREAS, 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:
0
Two year payment guarantee for
special assessments for construction
of streets and utilities in
Project No. 718
ORIGINAL AMOUNT NEW ,WMT
$19,828.53 None
NOW THEREFORE BE IT HEREBY RESOLVED that the letter of credit in the amount of
$19,828.53 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: _ tayor Schnpidpr, Cguncilmembers Vasiliou, Ricker. Zitur and Sisk
The following voted against or abstained: None
Whereupon the Resolution was declared duly passed and adopted. .
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