HomeMy WebLinkAboutCity Council Resolution 2003-442CITY OF PLYMOUTH
RESOLUTION NO. 2003-442
RELEASING REQUIRED FINANCIAL GUARANTEE
PLYMOUTH MARKETPLACE (20040)
WHEREAS, in accordance with the development contract dated August 23, 2000, North American
Properties, developer of Plymouth Marketplace (20040), petitioned the City to install certain
improvements (Vicksburg Lane) for said development; and
WHEREAS, the City has completed the street construction for Vicksburg Lane; 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 Vicksburg Lane; and
WHEREAS, the financial guarantee is identified as Bond No. 001 for all required construction; and
WHEREAS, the developer has paid a portion of the special assessments for City Project No. 9919;
and
WHEREAS, the developer has requested a release of the required financial guarantee to reflect the
assessments paid;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PLYMOUTH, MINNESOTA; that the financial guarantee payment of for special assessments for
City Project No. 9919 is hereby reduced from $195,751 to $0 (zero) and will be released by the
Finance Department.
Adopted by the City Council on October 14, 2003.
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