HomeMy WebLinkAboutCity Council Resolution 1990-372CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a regular meeting of the City Council of
the City of Plymouth, Minnesota was ;,eld on the 18th day of June ,
1990. The following members were presenL: Mayor Bergman, Councilmembers Helliwell, ,
Richer, Vasiliou, and Zitur
The following members were absent: None
!�'�f jf elf if XXX
Councilmember Vasiliou introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 90-372
REDUCING DEVELOPMENT BOND
CARLSON CENTER EIGHTH ADDITION (87092)
WHEREAS, in accordance with the development contract dated November 12, 1987, Crow-
Minnetonka/Plymouth Limited Partnership, a Texas Limited Partnership, developer of
Carlson. Center Eighth Addir.ion (87092), 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 in the form of a cash deposit in the amount of $136,365.40 to guarantee the
payment of the first two years of special assessments for utility and street
construction as well as concrete curb and gutter in City Project No. 751; and
WHEREAS, the developer has paid the first one and one half years of special assessments
for the 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 8.1 of the approved development contract be reduced as follows:
Two year payment guarantee for
special assessments for utility
and street construction and
concrete curb and gutter per
Levy No. 11359
$136,365.40 $30,962
NOW, THEREFORE, BE IT FURTHER RESOLVED that the above referenced financial guarantee
for City Project No. 751 is hereby reduced to $30,962.
The motion for the adoption of the foregoing Resolution was duly seconded by
Quneilmemher Zitur , and upon vote being taken thereon, the following voted
in favor thereof: Mayor Bergman. Councilmembers Helliwell, Ricker,_ Vasiliou, ,
and .i
The following voted against or abstained: None
Whereupon the Resolution was declared duly passed and adopted.
�*x