89-087
.
.
RESOLUTION NO. 87-89
,
A RESOLUTION REDUCING LETTER OF CREDIT
FOR
STRICKLAND VENTURES II
WHEREAS, the City of Shorewood (the City) has entered
into a Development Agreement dated October 19, 1988 with
Strickland Ventures II, a Minnesota partnership (the
Developer), for the development of Strawberry Fields; 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, the Developer has obtained such a letter of
credit from First National Bank of Wayzata in the sum of
$100,000.00, which letter is dated May 8, 1989 and entitled
Letter of Credit No. 1470; and
WHEREAS, the City has accepted sewer work completed by
the Developer involving payments to the contractor in the
sum of $32,547.00.
NOW THEREFORE BE IT RESOLVED by the City Council of the
City of Shorewood, Minnesota, that:
1. The letter of credit required by Paragraph 21 of the
Development Agreement may be reduced by the sum of
$48,820.50 (150% of $32,547.00).
2. The City Administrator is hereby instructed to
inform First National Bank of Wayzata that Letter of Credit
No. 1470 may be reduced to the sum of $51,179.50.
ADOPTED BY THE CITY COUNCIL OF THE CITY OF SHOREWOOD
this 23rd day of October, 1989.
Jan Haugen, Mayor
ATTEST:
. City Clerk