HomeMy WebLinkAboutCity Council Resolution 1990-045CITY OF PLYMOUTH
R Pursuant to due call and notice thereof, a regular meeting of the City Council of
the City of Plymouth, Minnesota was held on the 22nd day of January ,
1990. The following members were present: Mayor Bergman. Councilmembers ,
Helliwell. _ Ricker, and Vasiliou
The following members were absent: Councilmember Zitur
Crounrilmember Ricker introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 90-45
REDUCING DEVELOPMENT BOND
TYRELL FIFTH ADDITION (87029)
WHEREAS, in accordance with the development contract dated October 14, 1987, Hans Hagen
Homes, Inc., developer of Tyrell Fifth Addition (87029), has agreed to install certain
improvements for said development; and
WHEREAS, 'rhe developer has completed a portion of the street, utility improvements, and
site grading as noted below; and
WHEREAS, in accordance with City ordinances the developer provided Letter of Credit No.
5760 to guarantee the payment of the first two years of special assessments for street
and utility 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 gurantee for
special assessments for street and
utility construction in Project 737 $116,356.00 None
NOW, THEREFORE, BE IT FURTHER RESOLVED that Letter of Credit No. 5760 in the amount of
$116,356.00 is hereby released.
The motion for the adoption of the foregoing Resolution was duly seconded by
Cn„nrilmemher Vasiliou , and upon vote being taken thereon, the following voted
in favor thereof: Mayor Bergman. Councilmembers Helliwell, Ricker, and Vasiliou
• The following voted against or abstained: None
Whereupon the Resolution was declared duly passed and adopted.