HomeMy WebLinkAbout87-95 - ADMIN Resolution - City Council - 1987/07/20RESOLUTION NO. 87-95
RESOLUTION REDUCING LETTER OF CREDIT,
MODIFYING CONTRACT REQUIREMENT
AND EXTENDING CONTRACT COMPLETION DATE
FOR FEDERATION ADDITION SUBDIVISION
WHEREAS, pursuant to a written contract dated October 21, 1985, the
developer has completed sanitary sewer, storm sewer, water utilities and
portions of paving, curb and gutter improvements for the Federation Addition,
and
WHEREAS, said improvements have been inspected but not accepted by the
City, and
WHEREAS, the developer has requested items 2d and 2h be deleted from said
contract and incorporated into permit approval requirements for Lots 2 and 3,
Block 1, Federation Addition, and
WHEREAS, the developer has requested the contract completion date for City
Contract No. 1709 be extended from July 17, 1987 to July 1, 1988.
THEREFORE, BE IT RESOLVED by the City Council of the City of St. Louis
Park that irrevocable letter of credit No. SB3851 from Norwest Bank Minneapolis
is hereby reduced to $60,000 until such time as the development is completed, at
which time final release will be authorized. Said contract completion date is
hereby extended to July 1, 1988, and contract items 2d and 2h are hereby
deleted but shall be required as part of the permit for development of Lots 2
and 3 of Block 1, Federation Addition.
Adopted by the City Council July 20, 1987
Attest:
Reviewed for administration:
C
tyYviLN 'ExAANAAA6-
Manager
Approved as to form and execution: