HomeMy WebLinkAboutCity Council Resolution 1995-023CITY OF PLTMOUTH
RESOLUTION NO. 95 - 23
REDUCING DEVEIAPMENT BOND
ROCKFORD ROAD PLAZA (89014)
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WHEREAS; the developer has completed a portion of the street, utility and site grading as
noted below; and
WHffitBAS, in accordance with City ordinances, the developer provided a financial guarantee
in the form of a letter of credit in the amount of $505,205.17 to guarantee the payment of the
first four years of special assessments for utility and street construction in City Project No.
948; and
WHEREAS, the developer has paid the first three years of special assessments for the lots in
this levy; and
WF 9", the developer has requested a reduction of the development bond to reflect the
complete work;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL JF THE
CITY OF PLYMOUTH, MINNESOTA, that the bonding requirements for the following items
per Section 8.1 of the approved development contract be reduced as follows:
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Four year payment guarantee for
apodal assessments for utility and
street construction and concrete
curb and gutter per Levy No. 12353
$505,686.20 $114,998.06
NOW THEREFORE BE IT RESOLVED that the above referenced financial guarantee for City
Project No. 948 is hereby reduced from $235,893.46 to $11A,998.06. Letter of Credit No.
S401173 may be reduced accordingly.
Adopted by the City Council on January 3, 1995.