90-135
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RESOLUTION NO. 135-90
A RESOLUTION ACCEPTING IMPROVEMENTS AND RELEASING
LETTER OF CREDIT
LAWTONKA
WHEREAS, on October 27, 1988, the City entered into an agreement
with Joseph N. Boyer, Eileen F. Boyer, Donald W. Shafer, and Jane W. Shafer
for the development of certain property known as Lawtonka; and
WHEREAS, paragraph 1 of said Development Agreement provided for the
Developer to construct and install certain enumerated improvements within the
plats of said property, which improvements included public street and
utilities; and
WHEREAS, paragraph 13 of said Development Agreement provided for
such improvements to be subject to a final inspection by the City Engineer;
and
WHEREAS, paragraph 14 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 and installation
of the street and sewer and 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 19 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 The
Bank Excelsior in the sum of $100,000.00, which letter is entitled
Irrevocable Letter of Credit No. 88-116; and
WHEREAS, the City has herein 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.
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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 the enumerated
improvements in the plat of Lawtonka.
2. That Letter of Credit required by paragraph 19 of the
Development Agreement may be released subject to the following conditions:
a. That Developer obtain a maintenance bond naming the City
as Obligee for the sum of $66,000.00 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 The Bank Excelsior that
Irrevocable Letter of Credit No. 88-116 may be released.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF SHOREWOOD this
10th day of December, 1990.
~~~~W~
\JL~rence E. Whittaker
City Administrator/Clerk
Roll Call Vote:
Ayes - Haugen, Brancel, Gagne, Stover, Watten
Nays -