HomeMy WebLinkAboutCity Council Resolution 1996-141•
CITY OF PL`IMOUTH
RESOLUTION NO. 96 -141
REDUCING REQUIRED FINANCIAL GUARANTEE
ROCKFORD ROAD PLAZA (89014)
WHEREAS, in accordance with the development contract dated April 2, 1990, Ryan
Construction Company, Inc. and Dayton -Hudson Corporation, developers of Rockford Road
Plaza Addition (89014), 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
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 four years of special assessments for the lots in
this levy; and
WHEREAS, the developer has requested a reduction of the required financial guarantee to
reflect the complete work;
NOW, THEREFORE, HE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE
CPTY OF PLYMOUTH, MINNESOTA, that the financial guarantee requirements for the
following items per Section 8.1 of the approved development coi,tract be reduced as follows;
Four year payment guarantee for
special assessments for utility and
street construction and concrete
curb and gutter per Levy No. 12353
$5,0506.20 $-0-
NOW THE.?EFORE BE IT RESOLVED that the above referuuced financial guarantee for
City Project No. 948 is hereby reduced from $114,998.06 to $0 (zero). Letter of Credit No.
S401173 may be reduced accordingly and will be released by the Finance Department.
Adopted by the City Council on March 6, 1996.
0�•.t.NNBHYLMN7fi6V01AkCStlL1URRt'If k�,DOC