90-003
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RESOLUTION 3-90
A RESOLUTION RELEASING LETTER OF CREDIT
FURNISHED BY BRENTRIDGE
WHEREAS, the City of Shorewood (the City) has entered into a
Development Agreement dated February 2, 1988, with Shorewood Oaks
Development, Inc. (the Developer) for the development of Brentridge; 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
WH ERE AS, Developer has obtained such a letter of credit from
Metropolitan Bank in the sum of $441,472.50, which letter is dated February
11, 1988, and entitled Irrevocable Letter of Credit No. 00273; and
WHEREAS, the City has accepted all improvements completed by the
Developer pursuant to the terms of said Development Agreement; and
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, Minnesota, as follows:
1. T hat Letter of Credit required by Paragraph 21 of the
Development Agreement may be released subject to the following conditions:
a. T hat Developer provide a cash deposit or certified check in
the sum of $5,000.00 to ensure the completion of minor items
specified by the City Engineer, which items shall be completed
on or before July 1, 1990.
b. That Developer obtain and file a consent to the plat
executed by the owner of the easement on Brentridge Drive or
provide a cash deposit or certified check in the sum of
$10,000.00 to ensure that such consent is filed.
2. That upon fulfillment of the above conditions, the City
Administrator is hereby instructed to inform Metropolitan Bank that
Irrevocable Letter of Credit No. 00273 may be released.
ADOPTED BY THE CITY COUNCIL
8th day of January, 1990.
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LAurence E. Whittaker
City Administrator/Clerk
Roll Call Vote:
A yes -
Navs -