HomeMy WebLinkAboutCity Council Resolution 1988-801CITY 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 7th day of Nnvemher ,
•1988. The following members were present: MAynr Srhneidar- CnllnrilmPmhPrA Varailicrni_ ,
Rirlrary 7it,tr and Rink _
The following members were absent: Nnno
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rn,.nntlma I,ar 74r,.r introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 88-801
REDUCING DEVELOPMENT BOND
LORELI'S ADDITION (84084)
WHEREAS, in accordance with the development contract dated June 3, 1985, Dennis J.
Anderson and Elizabeth Anderson, developer of Loreli's Addition (84084), 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.
580 to guarantee the payment of the first two years of special assessments for street
and concrete curb and gutter construction, and also provided Letter of Credit No. 579
to guarantee the payment of the first four years of special assessments for utility
construction; and
WHEREAS, the developer has paid the first throe years of special assessments for these
levies; and
WHEREAS, the developer has requested a reduction of the development bonds 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:
0
Two year payment guarantee for
special assessments for street
construction and concrete curb and
gutter per Levy No. 10052
Four year payment guarantee for
special assessments for utility
construction per Levy No. 10052
$ 36,574.00 $ 0 (zero)
$ 25,057.00 $ 5,568.05
NOW, THEREFORE, BE IT FURTHER RESOLVED that the Letter of Credit No. 580 in the amount
of $36,574.00 is hereby reduced to $0 (zero) and released. Letter of Credit No. 579 in
the amount of $25,057.00 is hereby reduced $5-168.05.
The motion for the adoption of the foregoing Resolution was duly seconded by
CouacilmemIker Sick , and upon vote being taken thereon, the following voted
in favor thereof: Mayor Schneider, Councilmembers Vasiliou, Ricker, Zitur and Sisk ,
The following voted against or abstained: None
Whereupon the Resolution was declared duly passed and adopted.