HomeMy WebLinkAboutCity Council Resolution 2000-041RESOLUTION NO. 2000-041
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 construction; and
WHEREAS, the financial guarantee is identified as Letter of Credit No. FGAC-93078 for all required
construction; and
WHEREAS, the developer has paid 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 $0.00
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 $7,080 to $0 (zero) and will be released by the Finance Department.
Adopted by the City Council on January 18, 2000.
C:ADoc=cnts and Settingsubaird\Local Settings\Temp\CCR 2000-041_65347VCCR 2000-041.doc