HomeMy WebLinkAboutCity Council Resolution 1990-723CITY 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 5th day of Novemher ,
1990. The following members were present: Mayor Bergman, Councilmembers ,
Helliwell, Ricker. Vasiliou. and Zitur _
The following members were absent: Nana _
Councilmember Zitur introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 90- 723
REDUCING DEVELOPMENT BOND
WATERFORD PARK PLAZA ADDITION (87027)
WHEREAS, in accordance with the development contract dated August 16, 1988, RNWNL
Limited Partnership, developer of Waterford Park Plaza Addition (87027), has agreed to
install certain improvements for said development; and
WHEREAS, the developer has completed a portion of the street and utility improvements;
and
WHEREAS, in accordance with City ordinances the developer provided a financial
guarantee to guarantee the payment of the first two years of special assessments for
street and utility construction. In this instance two letters of credit were provided
in equal amounts; and
WHEREAS, the letters of credit are identified as Letter of Credit No. 113 and Letter of
Credit No. SDC -743-001959; and
WHEREAS, the developer has paid the first year of special assessments for Levy No.
11641; 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 guarantee for $675,211.80 $217,319.64
special assessments for street
and utility construction
per Levy No. 11641
NOW THEREFORE BE IT FURTHER RESOLVED that Letter of Credit No. 113 in the amount of
$337,65.90 is hereby reduced to $108,659.82 and Letter of Credit No. SDC -743-001959 in
the amount of $337,605.90 is hereby reduced to $108,659.82.
The motion for the adoption of the foregoing Resolution was duly seconded by
' Mayes R`rgman , and upon vote being taken thereon, the following voted
in favor thereof: Mayor Bergman oun ilm mb g H liw il, Ricker- VnAillon- ,
and Zitur
The following voted against or abstained: None
Whereupon the Resolution was declared duly passed and adopted.