HomeMy WebLinkAboutCity Council Resolution 1994-185J
RESOLUTION NO. 94.18 S
REDUCING DEVEMPN[NT BOND
BRIDLSWOOD FARM 3RD ADDITION (93021)
WHEREAS, in accordance with the development Contract dated June S, 1993 U.S. Home Cogx ndoo,
developer of Bridbwood Farm 3rd Addition (93021), has agreed to install certain improvements for said
development; and
WHEREAS, the developer hu 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 tiro two yeah of special assessments for weal construction, sanitary sewer,
watennnain, and storm sewer construction; and
WHEREAS, tee letter of credit is identified as Letter of Credit No. FOAC-93026 for all required
construction and
WHEREAS, the developer hu paid the special assessments on 14 Iota for City Project No. 304; and
WHEREAS, the developer hu requested a reduction of the development bond to reflect the completed
work;
NOW, THERMORB, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, NVWBSOTA; that the bonding requirements ane reduced as follows;
TTL ORIGINAL NEW
AMOUNT AMOUNT
Tao year payment guarantee for special $319,920 5227,144
assessments for City Project No. 304
NOW 7111REFORB BB IT FURTHER RESOLVED that Letter of Credit No. POAC-93026 in the
amount of $319,920 is hereby reduced to $227,144.
Adopted by the City Council on April 4, 1994
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