88-086
.
.
.
RESOLUTION NO.
86-88
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
WHEREAS, 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 certain site work completed by the developer
involving total payments to the contractor to date in the sum of
$257,036.40.
WHEREAS, The Developer has requested that the Letter of Credit be reduced by 150%
of the total payments made to date.
NOW, THEREFORE BE IT RESOLVED BY THE City Council of the City of Shorewood,
Minnesota, that:
1.
The original Letter of Credit required by Paragraph 21 of the Development
Agreement may be reduced by the sum of 150% of the payments made to date.
2. The City Administrator is hereby instructed to inform Metropolitan Bank
that Irrevocable Letter of Credit No. 00273 may be reduced to the sum
of $55,917.90 as requested by the developer.
Adopted by the City Council of the City of Shorewood, Minnesota, this 22
day of August , 1988.
ATTEST:
Robert Rascop
Mayor
Sandra L. Kennelly
City Clerk