HomeMy WebLinkAboutCity Council Resolution 1990-297CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a regular meeting of the City 'ouncil of
the City of Plymouth, Minnesota was held on the 7th day of May
1990. The following members were present: Mayor Bergman, Councilmembers
Helliwell, Ricker. Vasiliou. and Zitur
The following members were absent: None _
Councilmember Zitur introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 90-297
REDUCING DEVELOPMENT BOND
KINGSVIEW HEIGHTS SECOND ADDITION (85039)
WHEREAS, in accordance with the development contract dated June 26, 1985, Keith T.
Harstad and Diane N. Harstad, developer of Kingsview Heights Second Addition (85039),
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 a financial
guarantee from First National Bank of St. Paul through Builders Development and
Finance, Inc. to guarantee the payment of the first two years of special assessments
for street construction and concrete curb and gutter in Project No. 544; and
WHEREAS, the developer has totally paid the assessments on 115 of 121 lots and has paid
the first two years of special assessments for the remaining six lots in 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 of the approved development contract be reduced as follows:
ITEM
ORIGINAL AMOUNT NEW AMOUNT
Two year payment guarantee for
special assessments for street
construction and concrete curb
and gutter per Levy No. 11128 $121,500.00 $0.00
NOW, THEREFORE, BE IT FURTHER RESOLVED that the above referenced financial guarantee
for Project No. 544 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: Mayor Bergman Councilmgmbers Helliwell Ricker Vasi iou ,
and Zitur
The following voted against or abstained: None
Whereupon the Resolution was declared duly passed and adopted.