HomeMy WebLinkAboutCity Council Resolution 1988-656CITY 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 Ard day of OrrnhPr ,
1988. The following members were present: Maynr Srhnnidar� Cn,mrilmonharc V9nil�n„ ,
Ricker Zirur and Sink
The following members were absent: �.+o
Counrilmemher Sisk introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 88-656
REDUCING DEVELOPMENT BOND
SCHERER INDUSTRIAL DEVELOPMENT (84045)
WHEREAS, in accordance with the development contract dated March 25, 1985, Scherer
Brothers Lumber Company, developer of Scherer Industrial Development (84045), 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.
67348 to guarantee the payment of the first four years of special assessments for
utility construction; and
WHEREAS, the developer has paid the first three years of special assessments for this
10levy; 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:
Four year payment guarantee for
special assessments for utility
construction per Levy No. 10053 $252,188.00 $49,368.00
NOW, THEREFORE, BE IT FURTHER RESOLVED that Letter of Credit No. 67348 in the amount
of $113,212.20 is hereby reduced to $49,368.00.
The motion for the adoption of the foregoing Resolution was duly seconded by
Zitur , and upon vote being taken thereon, the following voted
in favor thereof: _Mayor Schneider. Councilmembers Vasiliou. Ricker. Zitur and Sisk ,
10 The following voted against or abstained: None
Whereupon the Resolution was declared duly passed and adopted.