HomeMy WebLinkAboutCity Council Resolution 1990-275CITY 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: M_avor Bergman, Councilmembers Helliwell
Ricker, and Zitur.
The following members were absent: Councilmember Vasiliou
Councilmember Zitur
adoption:
introduced the following Resolution and moved its
RESOLUTION NO. 90- 275
REDUCING DEVELOPMENT BOND
`.CHERER INDUSTRIAL DEVELOPMENT 2ND ADDITION (86018)
WHEREAS, in accordance with the development contract dated June 4, 1986, Scherer
Brothers Lumber Company, developer of Scherer Industrial Development 2nd Addition
(86018), 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.
68254 to guarantee the payment of the first four years of special assessments for
utility construction, and Letter of Credit No. 68255 to guarantee the payment of the
first two years of special assessments for street construction; and
WHEREAS, the developer has paid the first three years of special assessments for these
levies and the property has been sold to Opus Corporation; and
WHEREAS, the developer has requested a reduction of these 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:
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
Four year payment guarantee for
special assessments for utility
construction per Levy No. 10412
ORIGINAL AMOUNT NEW AMOUNT
$14,108.00 $0.00
Two year payment guarantee for
special assessments for street
construction per Levy No. 10413 $41,176.00 $0.00
NOW, THEREFORE, BE IT FURTHER RESOLVED that Letter of Credit No. 68254 in the amount of
$14,108 is hereby reduced to $0 (zero) and Letter of Credit No. 68255 is also hereby
reduced to $0 (zero) and both letters of credit are 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 Bereman, Councilmembers Helliwell and Ricker ,
The following voted against or abstained: Councilmember Zitur
Whereupon the Resolution was declared duly passed and adopted.