HomeMy WebLinkAboutCity Council Resolution 1993-206CITY OF PLYMOUTH
RESOLUTION NO. 93-206
REDUCING DEVELOPMENT BOND
ROCKFORD ROAD PLAZA ADDITION (89014)
WHEREAS, in accordance with the development contract dated April 2, 1990, Ryan
Construction Company, Inc. and Dayton -Hudson Corporation, developer of Ro ::ford Road
Plaza Addition (89014), 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 accc-dance with City ordinances, the developer provided a financial
guarantee in the form of a letter of credit in the amount of $505,205.17 to guarantee
the payment of the first four years of special assessments for utility and street
construction in City Project No. 948; and
WHEREAS, the developer has paid the first year 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:
Four year payment guarantee for
special assessments for utility
and street construction and
concrete curb and gutter per
Levy No. 12353 $505,205.17 $362,686.20
NOW, THEREFORE, BE IT FURTHER RESOLVED that the above referenced financial guarantee
for City Project No. 948 is hereby reduced from $505,205.17 to $362,686.20. Letter of
Credit No. S401173 may be reduced accordingly.
Adopted by the City Council on April 19, 1993.
•