90-120
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RESOLUTION NO. 120-90
A RESOLUTION ACCEPTING IMPROVEMENTS AND RELEASING
LETTER OF CREDIT
HARDING ACRES 2ND ADDITION
WHEREAS, on July 27, 1988, the City entered into an agreement with
Airnational Group, Ltd., a Minnesota Corporation, for the development of
certain property known as Harding Acres 2nd Addition; 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
sanitary sewer mains; 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 Western
Bank now in the sum of $17,000.00, which letter is entitled Irrevocable
Letter of Credit No. A422; 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 Harding Acres 2nd Addition.
2. T hat Letter of Credit required by paragraph 19 of the
Development Agreement may be released subject to the following conditions:
a. That Developer pay to the City the sum of $3,322.98
representing expenses incurred by the City for engineering,
inspection and legal fees.
b. That Developer obtain a maintenance bond naming the City
as 0 bligee for the sum of $10, 71 7.00 to be in effect for a
period of one year from the date hereof, to cover the
blacktopping completed this summer.
c. That Developer provide lien waivers from all
contractors, subcontractors and materialmen involved with
the blacktopping project.
3. That upon fulfillment of the above conditions, the City
Administrator is hereby instructed to inform Western Bank that Irrevocable
Letter of Credit No. A422 may be released.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF SHOREWOOD this
22nd day of October , 1990.
Jan Haugen, Mayor
ATTEST:
Laurence E. Whittaker
City Administrator/Clerk
Roll Call Vote:
A yes - 5
Nays - 0