HomeMy WebLinkAboutCity Council Resolution 1995-055J
RESOLUTION NO, 95 - 55
REDUCING DEVELOPMENT BOND
CAVAN MEADOWS ADDITION (93062)
WHEREAS, in accordance with the development contract revised and dated February 2, 1994,
ABINGDON Development Corporation, developer of Cavan Meadows Addition (93062), has agreed to
install certain improvements for said development; and
WHEREAS, the developer has 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 first two years of special assessments for street construction and concrete curb and
gutter; and
WHEREAS, the letter of credit is identified as Letter of Credit No. 28417-A for all required construction;
and
WHEREAS, the developer has paid the special assessments on 6 of the 7 lots for City Project No. 308;
and
WHEREAS, the developer has requested a reduction of the development bond to reflect the completed
work;
NOW, THEREFORE, BE IT HEREBY R13SOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTHMINNESOTA; that the bonding requirements are reduced as follows:
rr•��� • .
Two year payment guarantee for special $180693 $-0-
assessments for City Project No. 308
NOW THEREFORE BE IT FURTHER RESOLVED that Letter Of Credit No. 28417-A is hereby reduced
from $18,693 to $0 (zero) and will be released by the Finance Department.
Adopted by the City Council on January 17, 1995.
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