HomeMy WebLinkAboutCity Council Resolution 1991-404CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a rQgulat- meeting of the City Council of
the City of Plymouth, Minnesota was held on the _.22nd day of .1111V
1991. The following members were present; Mayor Beronan, Councilmembers Ricker
Vas ilinu_ and 7itnr
The following members were absent: Councilmember Helliwell
Councilmember Zitur introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 91- 404
REDUCING DEVELOPMENT BOND
BASS LAKE HILLS ADDITION (88060)
WHEREAS, in accordance with the revised development contract dated June 15, 1989, CSM
Corporation and Graham Development Company, developer of Bass Lake Hills Addition
(88060), 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.
11513 to guarantee the payment of the first two years of special assessments for
utility and street construction per City Project No. 416; and
WHEREAS, the developer has paid the first one-half year 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
Two year payment guarantee for
special assessments for utility and
street construction per Levy No. 12033 $66,585.00 $47,435.00
NOW, THEREFORE, BE IT FURTHER RESOLVED that Letter of Credit No. 11513 in the amount of
$66,585 is hereby reduced to $47,435.
The motion for the adoption of the foregollng Resolution was duly seconded by
_Councilmember Ricker , and upon vote being taken thereon, the following voted
in favor thereof: Alayor Ber an,_Councilmmbers Ricker, Va iliou, and 7.itur
The rollowing voted against or abstained: None
Whereupon the Resolution was declared duly passed and adopted.