91-003
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1/10/91
RESOLUTION NO. 1-91
A RESOLUTION ACCEPTING IMPROVEMENTS AND RELEASING
LETTER OF CREDIT
STRAWBERRY FIELDS
WHEREAS, on October 18, 1988, the City of Shorewood (City) entered
into an Agreement with Strickland Ventures II (Developer) for the development
of the plat known as Strawberry Fields; and
WHEREAS, Paragraph 3 of said Development Agreement provided for the
Developer to construct and install certain enumerated improvements, which
improvements included street grading, stabilizing and bituminous surfacing,
integral shoe formed bituminous curbs and gutters, sanitary sewer mains, and
storm sewers; and
WHEREAS, Paragraph 15 of said Development Agreement provided for
such improvements to be subject to a final inspection by the City Engineer;
and
WHEREAS, Paragraph 16 of said Development Agreement provided for the
conveyance of said improvements to the City by the Developer and for the
acceptance by the City of such improvements; and
WHEREAS, the Developer has completed construction of the said
improvements in the plat of Strawberry Fields, and all such improvements have
been inspected by the City Engineer and found to be in compliance with the
applicable plans and specifications; and
WHEREAS, the Developer is desirous of conveying said improvements to
the City and the City is desirous of accepting said improvements from the
Developer; and
WHEREAS, paragraph 21 of such Agreement provides for a performance
guaranty in the form of an irrevocable letter of credit approved by the City
in an amount equal to 150% of the total cost of the improvements; and
WHEREAS, Developer has obtained such a letter of credit from First
National Bank of Wayzata, now in the sum of $51,179.50, which letter is
entitled Letter of Credit No. 1470; and
WHEREAS, the City has herein accepted all improvements completed by
the Developer pursuant to the terms of said Development Agreement; and
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WHEREAS, the Developer has requested that the Letter of Credit be
now released.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Shorewood as follows:
1. That the City hereby accepts from the Developer all of the above
enumerated improvements within the plat of Strawberry Fields.
2. T hat Letter of Credit required by paragraph 21 of the
Development Agreement may be released subject to the following conditions:
a. That Developer obtain a maintenance bond naming the City
as 0 bligee for the full cost of the improvements to be in
effect for a period of one year from the date hereof.
b. That Developer provide lien waivers from all contractors,
subcontractors and materialmen involved with the project.
3. That upon fulfillment of the above conditions, the City
Administrator is hereby instructed to inform First National Bank of Wayzata
that Letter of Credit No. 1470 may be released.
ADOPTED BY THE CITY COUNCIL OF THE
14th day of January , 1991.
CITY OF SHOREWOOD this
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ATTEST:
City Administrator/Clerk
Roll Call Vote:
A yes -
Nays -