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RESOLUTION 90-40 <br />CITY OF LAKE ELMO <br />WASHINGTON COUNTY, MINNESOTA <br />A RESOLUTION APPROVING ESCROW REDUCTION OF $105,000 TO ROBERT ENGSTROM <br />AND WILLARD MORTON dba THE FOREST IN LAKE ELMO PARTNERSHIP. <br />WHEREAS, pursuant to a developers agreement signed with the City <br />of Lake Elmo on May 21, 1990, Willard Morton and Robert Engstrom, "the <br />Developers" of "The Forest" in Lake Elmo, and irrevocable letter of <br />credit, #5350 drawn of Signal Bank was deposited with the Lake Elmo <br />City Clerk; and <br />WHEREAS, the improvements required within "The Forest" are <br />substantially complete and persuant to Developers Agreement, "the <br />Developers" have requested a partial release of referenced letter of <br />credit. <br />NOW THEREFORE, BE IT RESOLVED by the City of Lake Elmo, <br />Minnesota, the Irrevocable Letter of Credit #5350 can be reduced from <br />$108,O00 to $3,000. <br />BE IT FURTHER RESOLVED: that this reduction of Irrevocable Letter <br />of Credit #5350 shall be contingent upon the delivery of proof of <br />payment. by Developers to E & H Earthmovers, the general contractor, <br />for 4105,762.72 <br />Adopted by the Lake Elmo City Council this 18th day of December, 1990. <br />C,.-- Swaa". <br />n Dunn, , Mayor <br />Attest: <br />/11% � <br />Mary Kueffn,6City Administrator <br />