HomeMy WebLinkAboutCity Council Resolution 1994-112E: 1 1 1
RIEDUCING DEVZL4DMWZNT BOND
Wig, in a000eda w with the development contract revised and dated June 129 1990 Opts.
Corporation dr Schneider (USA), Inc., developer of Bass Creek Business Part Addition (89061), has
agreed m install certain kqm ovemen s for said development; and
WIMBAS, the developer has completed a portion of the street, utility and 1110 raft ae noted below;
and
WHEREAS, in s000/danoe with City ordimnces the developer provided a RMWW 8unaMe to 0181110ee
the payment of the first two yuan of special assessments for street construction and the Sort four years of
special unumwb for utility construction; and
WHEREAS, the letters of credit are identified as Letter of Credit No. 73817 (struts) AM Lerner of Credit
No. 73816 (utilities); and
WAS, the developer bas paid the first two yeah of special assessments for Levy No's 12350
(utilities) and 12351 (streets); and
WEEREAS, the developer bas sold Lot 2, Block 2, Bass Creek Busium Part Addition to Twin City Fan
and Bkmer Company and tbey subsequently provided Letter of Credit No. S401818 in tho amount of
$21,259.04 and Later of Credit No. S401819 in the amount of $7,946.31 as their shoe of project costs
.or Levy No. 12330 and Levy No. 12351 respectively; and
WHEREAS, the developer bas prevbusly requested a reduction of the development bond to reflect the
completed payment:, sale of Lot 2, Mock 2, Bass Creels Bus111e841 Put Addition rod subsequent submittal
of financial gua mrtees by Irwin City Fan and Bkpwef Co.
FURTHER BE IT RESOLVED that the bonding roqulrements for the followirp items per Section 8.1 of
the approved development eontnex be reduced u follows:
H
Four year payment guarantee for special
assessment for utWty construction per Levy No.
12350 (Must Msaia in effect through 1995)
Two year payment riarantee for speeW
ummenu for street construction per Levy No.
12331 (Must remain in effect througb 1993).
ORIGINAL
AM
$741,221.56
$423,039.00
NOW THEREFORE BE :T FURTHER RESOLVED that Letter of Credit No. 73816 in the amount of
$353,409.82 is hereby roduced to $264,600 and Lotter of Credit No. 73817 in the amount of 5107,091.05
.s hereby reduced to $0 (aero) and will be returned by the Finance Department.
Adopted by the City Council on Febnrary 289 1994.