HomeMy WebLinkAboutCity Council Resolution 1995-629•
RESOLUTION NO. 9S - 629
REDUCING REQLMM FINANCIAL GUARANTEE
SAVANNAH ADDITION (93112)
WHERE:-` S, in accordance with the development contract dated June 22, 1994, Lundgren Bros.
Construction, Inc., developer of Savannah Addition (93112), 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 utility construction;
and
WHEREAS, the letter of credit is identified as Letter of Credit No. 13278 for all required constriction;
and
WHEkBAS, the developer has paid a portion of the special assessments for City Project No's 213 and
907; and
WHEREAS, the developer has requested a reduction of the required financial guarantee to reflect the
assessments paid; and
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCLL OF THE CITY OF
PLYMOUTH, MDRMOTA; that the financial guarantee requirements are reduced as follows:
IMS
Two year payment
assessments for City
907
guarantee for special
Project No's "13 and
$103,014.60
$82,530
NOW THEREFORE BE IT FURTHER RESOLVED that Letter of Credit No. 13278 is hereby reduced
from $103,014.60 to $82,580 and will be released by the Finance Department.
Adopted by the City Council on October 24, 1995.