HomeMy WebLinkAboutCity Council Resolution 1992-740RESOLUTION NO. 92- 740
REDUCING DEVELOPMENT BOND
BRIDLEWOOD FARM ADDITION (90028)
WHEREAS, in accordance with the development contract dated June 6, 1991 and Revised
September 4, 1991, U.S. Homes Corporation, developer of Bridlewood Farm Addition
(90028), 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 to guarantee the payment of the first two years of special assessments for
street construction, watermain construction, and pond construction; and
WHEREAS, the letter of credit is identified as Letter of Credit No. FGAC-91030 for all
required construction; and
WHEREAS, the developer has paid the special assessments on 44 lots for City Project
No's 010 and 016; 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 $136,652.40 $48,225.60
special assessments for City
Project No's 010 (Levy No. 12691) and
016 (Levy No. 12549)
NOW THEREFORE BE IT FURTHER RESOLVED that Letter of Credit No. FGAC-91030 in the amount
of $136,652.40 is hereby reduced to $48,225.60.
Adopted by the City Council on November 16, 1992.
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