HomeMy WebLinkAboutCity Council Resolution 1995-0540
RESOLUTION NO. 95- 54
REDUCING DEVELOPhUM BOND
BASS CREEK BUSINESS PARK ADDMON (89MI)
WHEREAS, in accordance with the development contract revised and dated June 12, 1990 Opus
Corporation & Schneider (USA), Inc., developer of Bass Creek Business Park Addition (89061), has
agreed to install certain improvements for said development; and
WiERBAS, the developer has completed a portion of the stmt, 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 four years of special assessments for utility construction; and
WHEREAS, the letter of credit is identified as Letter of Credit No. 73816 utilities; and
WHEREAS, the developer has paid the fust three years of special assessments for Levy No 12350 for
utilities; and
WHEREAS, the developer has sold Lot 2, Block 1, Bass Creek Business Park 3rd Addition to Fingerhut
Corporation and they subsequently will provide a Letter of Credit in the amount of $77,125.79 as their
share of project costs for Levy No. 12350 ; and
WHEREAS, the developer has requested a reduction of the development bond to reflect the completed
payments, We of Lot 2, Block 1, Bass Creek Business Park: 3rd Addition and subsequent submittal of a
financial guarantee by Fingerhut Corporation.
FURTHER BB IT RESOLVED that the bonding requirements for the following items per Section 8.1 of
the approved development contract and conditioned upon receipt of a letter of credit from the Fingerhut
Corporation in the amount of $77,125.79.
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Four year payment guarantee for special $741,221.56 $98,880.00
assessment for utility construction per Levy No.
12350 (must remain in effect through 1995)
NOW, THEREFORE, BE IT HM SBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA; that Letter of Credit No. 73816 in the amount of $264,600 is hereby
reduced to $98,800 subject to receipt of an additional letter of credit from the Fingerhut Corporation in the
amount of $77,125.79.
Adopted by the City Council on January 17, 1995.
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