HomeMy WebLinkAboutCity Council Resolution 1995-161•
( RESOLUTION _qO. 95-161
REDUCING DEVF.I.oPMENT BOND
BRIDLEWOOD FARM 3RD ADDITION (93421)
WHEREAS, in a=rdance with the development contract dated June 5, 1993 U.S. Home Corporation,
developer of Bridlewood Farm 3rd Addition (93021), has agreed to install certain improvements for said
development; and
WHEREAS, tie 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, sanitary sewer,
watermain, and storm sewer construction, and
WHEREAS, the letter of credit is identified as Letter of Credit No. FGAC-93026 for all required
construction; and
WHEREAS, the developer has paid the special assessments on all of the lots for City Project No. 304; and
WHEREAS, the developer has requested a reduction of the development bond to reflect the completed
work;
NOW, THEREFORE, BE IT iMREBY RESOLVED BY TIM CITY COUNCIL OF THE CITY OF
PLYMOUTH, M[NNESOTA; that the bonding requirements are reduced as follows:
iE
Two year payment guarantee for special
assessments for City Project No. 304
�• 1
• t'lt
$319,920
=73
NOW THEREFORE BE IT FUR1HER RESOLVED that Letter of Credit No. FG 4,C-93026 is hereby
reduced from $41,203 to $-0- (zero) and will be released by the Finance Department.
Adopted by the City Council on March 7, 1995.