HomeMy WebLinkAboutCity Council Resolution 1998-322RESOLUTION NO. 98 - 322
REDUCING REQUIRED FINANCIAL GUARANTEE
SUGAR HILLS ADDITION (92056)
WHEREAS, in accordance with the development dated October 21, 1992, Eugene R. Forbragd and Darlene
R. Forbragd, developer of Sugar Hills Addition (92056), has agreed to install certain improvements for said
development; and
WHEREAS, the developer has completed a portion of the street, utility and site grading; 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 constriction and utility constriction; and
WHEREAS, the letter of credit is identified as Letter of Credit No. 10908 for all required constriction; and
WHEREAS, the developer has paid a portion of the special assessments for City Project No's 301; and
WHEREAS, the developer has requested a reduction 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 requirements are reduced as follows:
ITEM ORIGINAL NEW
AMOUNT AMOUNT
Two year payment guarantee for special $41,299 $-0-
assessments for City Project No. 301
NOW THEREFORE BE IT FURTHER RESOLVED that Letter of Credit No. 10908 is hereby reduced from
$41,299 to $0 (zero) and will be released by the Finance Department.
Adopted by the City Council on May 20, 1998.
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