HomeMy WebLinkAboutCity Council Resolution 1993-799CITY OF PLYMOUTH
RESOLUTION NO. 93-799
REDUCING DEVELOPMENT BOND
ROCKFORD ROAD PLAZA (89014)
WHEREAS, in accordance with the development contract dated April 2, 1990, Ryan
Construction Company, Inc. and Dayton -Hudson Corporation, developers of Rockford 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 accordance 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 fust 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
complete work;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE
CITY OF PLYMOUTH, hENNESOTA, 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 $505,686.20 $235,893.46
special assessments for utility and
street construction and concrete
curb and gutter per Levy No. 12353
NOW THEREFORE BE IT RESOLVED that the above referenced financial guarantee for City
Project No. 948 is hereby reduced from $363,686.20 to $235,893.46. Letter of Credit No.
S401173 may be reduced accordingly.
Adopted by the City Council on December 20, 1993