HomeMy WebLinkAboutCity Council Resolution 1994-705•
)RESOLUTION NO. 94.705
REDUCING DRVZWWAENT BOND
'UMLZWOOD FARM 3RD ADDITION MCI)
WHEREAS, in woordmoe with the development contract dated June 3, 1993 U.S. Home Casporat ^
developer of Bridlewood Farm 3rd Addition (93031), hu speed to WOU certain improvemeob fa aid
development; and
WHEREAS, the developer lu completed a portion of the street, utility and site grading u noted below;
and
WHEREAS, in accordance with City ordinances the developer provided a flnw M=ntee to guarantee
the payment of the first two years of 4mdd Auu maeu for Meet consmwdm, unitary sewer,
watermain, and storm sewer construction; and
WHEREAS, the letter of credit is identified u Letter of Credit No. FOAC-93026 for all required
construction; and
WHEREAS, the developer hu paid the special assessments on 40 lou for City Project No. 304; and
WHEREAS, the developer bu requested a reduction of the development bond to reflect the compbftd
work;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE MY COUNCIL. OF THE CITY OF
PLYMOUTH, M MMOTA; that the bonding requirements are reduced u follows:
. „ • Lr . , • r.rl
Two year payment guuantes fbr special $319,930 $41,203
useamenu for City Project No. 304
NOW 7HEREFORE BE IT FURTHER RESOLVED that Letter of Credit No. FOAC-93026 is hereby
re&wed from $187,793 to $41,203.
Adopted by the City Council on November 7, 1994.