HomeMy WebLinkAboutCity Council Resolution 1990-274CITY 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 16th day of April ,
1990. The following members were present: Mayor Bergman, Councilmembers ,
Helliwell Ricker, and Zitur
The following members were absent: Councilmember Va-siliou
Councilmember Zitur introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 90- 274
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
0 WHEREAS, the developer has paid the first four years of special assessments for this
levy; 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:
FURTHER BE IT RESOLVED that the bonding requirements for the following items per
Section 8.1 of the approved development contract be reduced as follows:
ITEM
ORIGINAL AMOUNT NEW AMOUNT
Four year payment guarantee for
special assessments for utility
construction per Levy No. 10053 $252,188.00 $0.00
NOW, THEREFORE, BE IT FURTHER RESOLVED that Letter of Credit No. 67348 in the amount of
$49,368 is hereby reduced 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: Mn4znr RPrgman_ Councilmembers Helliwell and Ricker
'The following voted against or abstained: Councilmember Zitur
Whereupon the Resolution was declared duly passed and adopted.
xxx