HomeMy WebLinkAboutCity Council Resolution 1993-127CITY OF PLYMOUTH
RESOLUTION NO. 93-127
REDUCING DEVELOPMENT BOND
CARLSON CENTER EIGHTH ADDITION (87092)
WHEREAS, in accordance with the development contract dated November 12, 1987, Crow-
Minnetonka/Plymouth Limited Partnership, a Texas Limited Partnership, developer of
Carlson Center Eighth Addition (87092), 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 in the form of a cash deposit in the amount of $136,365.40 to guarantee the
payment of the first two years of special assessments for utility and street
construction as well as concrete curb and gutter in City Project No. 751; and
WHEREAS, the developer has paid the first two years of special assessments for the lots
in 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:
w]
Two year payment guarantee for
special assessments for utility
and street construction and
concrete curb and gutter per
Levy No. 11359 $136,365.40 $-0-
NOW, THEREFORE. BE IT FURTHER RESOLVED that the above referenced financial guarantee
for City Project No. 751 is hereby reduced from $30,962 to $0 (zero). The cash deposit
that was submitted on February 1. 1990 is hereby released and will be returned to the
developer forthwith.
Adopted by the City Council on March 1, 1993.