90-130
RESOLUTION NO. 130-90
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A RESOLUTION REDUCING ESCROW DEPOSIT FOR
FULLERTON PROPERTIES, INC.
WHEREAS, the City of Shorewood (the City) has entered into a
Residential Subdivision Development Agreement dated April 26, 1990, with
Fullerton Properties, Inc., a Minnesota partnership (the Developer), for the
development of Fox R un West; and
WHEREAS, Paragraph 19 of such Agreement provides for a performance
guaranty in the form of an Alternative Security Agreement approved by the
City in an amount equal to 150% of the total cost of the improvements; and
WHEREAS, the Developer has executed a cash escrow agreement with
Chicago Title Insurance Company for the sum of $123,000.00, which agreement
is dated April 26, 1990; and
WHEREAS, the City has inspected and approved work completed by the
Developer involving payments to the contractor in the sum of $65,674.05.
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Shorewood, Minnesota, as follows:
. 1. T he cash escrow deposit required by Paragraph 19 of the
Development Agreement may be reduced to the sum of $27,000.00 (150% of
$18,000.00), upon the Developer's providing a maintenance bond in the sum of
$65,674.05, naming the City as obligee, to be in effect for a period of one
year from the date hereof.
2. That upon fulfillment of this above condition, the City
Administrator/Clerk is hereby instructed to inform Chicago Title Insurance
Company that the cash escrow may be reduced to the sum of $27,000.00.
ADOPTED BY THE CITY COUNCIL
26th day of November, 1990.
ATTEST:
Laurence E. Whittaker
City Administrator / Clerk
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Roll Call Vote:
Ayes - Haugen, Brance, Gagne, Stover
Nays - 0
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