HomeMy WebLinkAboutCity Council Resolution 1999-062RESOLUTION NO. 99-62
REDUCING REQUIRED FINANCIAL GUARANTEE
WESTBRANCH ADDITION FKA PLYMOUTH CREEK HEIGHTS ADDITION (92115)
WHEREAS, in accordance with the development contract dated October 11, 1993, U.S. Homes Corporation,
developer of Plymouth Creek Heights Addition (92115), 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 and utility constriction; and
WHEREAS, the financial guarantee is identified as Letter of Credit No. FGAC-93078 for all required
constriction; and
WHEREAS, the developer has paid a portion of the special assessments for City Project No. 308 and
concrete curb and gutter on Old Rockford Road; 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 $148,914.00 $7,080.00
assessments for City Project No. 308 and
concrete curb and gutter on Old Rockford
Road
NOW THEREFORE BE IT FURTHER RESOLVED that Letter of Credit No. FGAC-93078 is hereby
reduced from $148,914 to $7,080.
Adopted by the City Council on February 2, 1999.
C Documents and Settnig,sengdald Local Settmg, TempVC(R 1999-06259256 CCR 1999-062 doe