HomeMy WebLinkAboutCity Council Resolution 1997-226•
RESOLUTION NO. 97 - 226
REDUCING REQUIRED FINANCIAL GUARANTEE
SAVANNAH ADDITION (93112)
WHEREAS, 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 sheet. utility and site grading; and
WHEREAS, in accordance with City ordinarues the developer provided a financial guarantee to gurramee
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 construction;
and
WHEREAS, 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 re) reflect the
assessments paid;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA; that the financial guarantee requirements are reduced as follows:
40 7
Two year payment
assessments for City
907
guarantee for special
Project No's 213 and
1139(flij.
: v(111)zo
$1039014.60
NOW THEREFORE BE IT FURTHER RESOLVED that Letter of Credit No. 13278 Is hereby reduced
from $82,580 to $0 (uro) and will be released by the Finance Department.
Adapted by the City Council on April 16, 1997.
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