HomeMy WebLinkAboutCity Council Resolution 1988-586CITY 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 13th day of September ,
1988. The following members were present: Mayor Schneider, Councilmembers Vasiliou ,
Ricker and Zitur
The following members were absent: Cnuncilmember Sisk
Coungilmem er Zitur introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 88-586
REDUCING DEVELOPMENT BOND
WOODLANDS ADDITION (84030)
WHEREAS, in accordance with the development contract dated May 28, 1985, Zachary Lane
Development Corporation, developer of Woodlands Addition (84030), has agreed to install
certain improvements for said development; and
WHEREAS, the developer has completed a portion of the street, utility and site grading
as noted below; and
WHEREAS, in accordance with City ordinances the developer provided Letter of Credit No.
`NCB 2654/SB50801 to guarantee the payment of the first two years of special assessments
for Project 225; and
WHEREAS, the developer has paid the entire special assessment on certain lots as well
as the first two year's assessment on other lots; and
WHEREAS, the developer has requested a reduction of the development bond to reflect the
completed work;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA; that the bonding requirements are reduced as follows:
+ ; + 1u�. —
Two year payment guarantee for
special assessments $ 181,991.00 $ -0-
Letter of Credit No. NCB 2654/SB50801 is reduced from $41,805 to $0 (zero) and is
hereby released.
The motion for the adoption of the foregoing Resolution was duly seconded by
Councilmember Ricker , and upon vote being taken thereon, the following voted
in favor thereof: Mayor Schneider, Councilmembers Vasiliou, Ricker and Zitur ,
The following voted against or abstained: None
Whereupon the Resolution was declared duly passed and adopted.