HomeMy WebLinkAboutCity Council Resolution 1992-794CITY OF PLYMOUTH
RESOLUTION NO. 92 -?94
REDUCING DEVELOPMENT BOND
BASS CREEK BUSINESS PARK ADDITION (89061)
WHEREAS, in accordance with the development contract revised and dated June 12, 1990,
Opus Corporation and Schneider (USA), Inc., developer of Bass Creek Business Park
Addition (89061) has agreed to install certain improvements for said development; and
WHEREAS, the developer has completed a portion of the street, utility and site grating
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 and the first four years of special assessments for utility
construction; and
WHEREAS, the letters of credit are identified as Letter of Credit No. 73817 (streets)
and Letter of Credit No 73816 (utilities); and
WHEREAS, the developer has paid the first year of special assessments for Levy Nos.
12350 (utilities) and 12351 (streets); and
WHEREAS, the developer has sold Lot 2, Block 2, Bass Creek Business Park Addition to
Twin City Fan and Blower Company and they subsequently provided Letter of Credit No.
S401818 in the amount of $21,259.03 and Letter of Credit No. 5401819 in the amount of
$7,946.31 as their share of project costs for Levy No. 12350 and Levy No. 12351
respectively; and
WHEREAS, the developer has requested a reduction of the development bond to reflect the
completed payments, sale of Lot 2, Block 2, Bass Creek Business Park Addition and
subsequent submittal of financial guarantees by Twin City Fan and Blower Co.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH that
the bonding requirements are reduced as follows:
ITEM ORTGTNAL AMOUNT NEW AMOUNT
Four year payment guarantee for $741,221.56 $332,409.82
for special assessment for utility
construction per Levy No. 12350
(Must remain in effect through 1995)
Two year payment guarantee for $423,039.00 $107,091.05
special assessments for street
construction per Levy No. 12351
(Must remain in effect through 1993)
NOW THEREFORE BE IT FURTHER RESOLVED that Letter of Credit No. 73816 in the amount of
$353,668.85 is hereby reduced to $332,409.82 and Letter of Credit No. 73817 in the
amount of $115,037.36 is hereby reduced to $107,091.05.
Adopted by the City Council on December 7, 1992