HomeMy WebLinkAboutCity Council Resolution 1991-676CITY OF PLYMOUTH
RESOLUTION NO. 91-676
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. 135 and Letter of
Credit No. SDC -743-001959; and
WHEREAS, the developer has paid the first two years 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:
�r
Two year payment guarantee for $675,211.80 $-0-
special assessments for street
and utility construction
per Levy No. 11641
NOW THEREFORE BE IT FURTHER RESOLVED that Letter of Credit No. 135 in the amount of
$106,659.82 is hereby reduced to $0 (zero) and Letter of Credit No. SDC -743-001959 in
the amount of $108,659.82 is hereby reduced to $0 (zero). The original letters of
credit will be returned to the respective lending institutions by the Finance
Department
Adopted by the City Council on October 21, 1991