HomeMy WebLinkAboutCity Council Resolution 1993-336RESOLUTION NO. 93-336
REDUCING DEVELOPMENT BOND
BRIDLEWOOD FARM 2ND ADDITION (92037)
WHEREAS, in accordance with the development contract dated June 5, 1992 U.S. Home
Corporation, developer of Bridlewood Farm 2nd Addition (92037), 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, sanitary sewer, watermain, and storm sewer construction; and
WHEREAS, the letter of credit is identified as Letter of Credit No. FGAC-92039 for all
required construction; and
WHEREAS, the developer has paid the special assessments on 45 lots for City Project No.
206; 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:
0
Two year payment guarantee for $532,980 $257,310
special assessments for City
Project No. 206
NOW THEREFORE BE IT FURTHER RESOLVED that Letter of Credit No. FGAC-92039 in the amount
of $532,980 is hereby reduced to $257,310.
Adopted by the City Council on June 21, 1993.