HomeMy WebLinkAboutCity Council Resolution 1994-287n
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RESOLUTION NO. 94- 287
REDUCING DBVELOPNMNT BOND
BRIDLZWOOD FARM 3RD ADDITION M01)
WHEREAS, in accordance with the development contract dated June 3, 1993 U.S. Home Corporztiun.
developer of MWwood Farm 3rd Addition (93021), bas Weed to install certain improvements for cod
development; and
WHEREAS, the developer has completed a portion of the areas 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 brat two yam of special assessments for street construction, sanitary sewer,
wahmnsin, and storm sewer construction; and
WHERBAS, the letter of credit is Identified as Letter of Credit No. FGAC-93026 for all required
construction; and
WII REAS, the developer has paid the special assessments on 19 for City Project No. 304; and
il'HERBAS, the developer has requested a reduction of the development bond to reflect the c Lopleted
work;
NOW, THBRBFORE, BE IT MMY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA; that the bortdlrrg requirements are reduced as follows;
�,
Two year payment guarantee for special
assessments for City Project No. 304
•' tl
v • 1►�
3319,920
$187,793
NOW THEREFORE BE IT FURTHER RESOLVED that Latter of Credit No. FOAC-93026 is bereby
reduced from $227,144 to 187,793.
Adopted by the City Council on May 16, 1994.
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