HomeMy WebLinkAboutCity Council Resolution 1989-120CITY 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 27th day of February ,
1989. The following members were present: Mayor Schneider, Councilmembers Vasiliou ,
Ricker Zitur and Sisk
The following members were absent: None
Councilmemher Zitur introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 89-120
REDUCING DEVELOPMENT BOND
TYRELL FIRST ADDITION (85037)
WHEREAS, in accordance with the development contract dated June 26, 1985, Hans Hagen
Homes, Inc., developer of Tyrell First Addition (85037), 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.
SB 3718 to guarantee the payment of the first two years of special assessments for
street, concrete curb and gutter and utility construction in City Project No. 530; and
WHEREAS, the developer has paid the first two years 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:
Two year payment guarantee for special $ 273,731 $ 0 (zero)
assessments for street and utility
construction and concrete curb and gutter
per Levy No. 10408
NOW, THEREFORE, BE IT FURTHER RESOLVED that the Letter of Credit No. SB 3718 in the
amount of $273,731 is hereby reduced to $0 (zero) and released.
The motion for the adoption of the foregoing Resolution was duly seconded by
Councilmemher Zitur , and upon vote being taken thereon, the following voted
in favor thereof: Mayor Schneider, CnjinrJ1mPmhPrq Vacilinu, Rirko� 7itur
and Risk
The following voted against or abstained: None
Whereupon the Resolution was declared duly passed and adopted.