HomeMy WebLinkAboutCity Council Resolution 1994-184•
RELSOLtMON No. W 18{
REi DUCWG DEEVUDPNEa BOND
BRMLE WOOD FARM 2ND ADDrMN (92037)
WiMRBAS, in accordance with the development contra dated June S, 1992 U.S. Home Corpomtion,
developer of BrWbwood Farm 2nd Addition (92037), has agreed to install certain improvement: 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,
watemain, and storm sewer construction; and
WE RWAS, the letter of credit is identified as Letter of Credit No. FOAC-92039 for all required
construction; and
WHEREAS, the developer has paid the special assessments on 83 lots for City Project No. 206; and
WHEREAS, the dev3loper has requested a reduction of the development bond to reflect the completed
work;
NOW, THEREFORE, BE IT HBRBBY RESOLVED BY THE CITY COUNCEL OF TETE CITY OF
PLYMOUTH, IVQNNBSOTA; that the bonding requirements aro reduced as follows:
Two you payment guarantee for qmW
assessments for City Project No. 206
I.) c1
. k, 1 10
S532,980
NOW 7MREFORB BE IT FURTHER RESOLVED that Letter of Credit No. FOAC-92039 in the
amount of $257,310 is hereby reduced to $0 (aero). The letter of credit may be reduced accordingly and
will be released by the Plum Department.
Adopted by the City Council on April 4, 1994
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