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MOUNDS VIEW CITY COUNCIL <br />Page 5 <br />Regular Meeting <br />January 3, 1980 <br />Attorney Meyers affirmed that the proper approvals, <br />as required by law, had been obtained. <br />Forslund moved to approve Resolution 1059 and dis- <br />pense with the reading of it. It was seconded by <br />McCarty. <br />The motion carried. <br />5 ayes <br />0 nays <br />Rowley moved to adopt Resolution 1060 and dispense <br />with reading it aloud. It was seconded by McCarty. <br />5 ayes <br />The motion carried. 0 nays <br />Rose explained that Development Agreement 29 -79 <br />covers platting of Mounds View Industrial Park #3 <br />installation of public improvements for that plat. <br />Resolution 1061 would require the City to reduce the <br />letter of credit to $20,850.00. The City expects to <br />spend $8,680 on in -house costs, has received $6,510, <br />leaving $2,170 to be paid for services. <br />James Trucker was present. He said they feel the <br />$14,350 figure is too excessive and it should be <br />modified to 2 %. Trucker asked whether the 10% <br />represented a City policy or state -of- the -art. <br />Meyers assured him it was City policy. <br />McCarty called for the question. It was seconded <br />py Ziebarth. <br />The motion carried. <br />5 ayes <br />0 nays <br />McCarty moved to reduce the retainer to 2% and <br />retain $6500 plus 2% of the completed work amount of <br />$143,500, per Staff recommendation to complete the <br />punch list for Mounds View Industrial Park #3. It <br />was seconded by Hodges. <br />2 ayes <br />The motion failed. Nay votes were: 3 nays <br />Ziebarth, Rowley, Forslund. <br />Rowley moved to adopt Resolution 1061 and dispense with <br />reading aloud. The first paragraph of the resolution <br />should be corrected to $20,850.00. Before reduction takes <br />place, the additional fee of $2,170 should be paid, per <br />Staff memo dated 1/3/80. It was seconded by Forslund. <br />5 ayes <br />The motion carried. 0 nays <br />In reference to staff informational materials provided <br />under Resolution 1061 being presented to Council at the <br />meeting, McCarty requested that, in the future, Council <br />should receive information in a timely manner. <br />5. PUBLIC HEARING -- PLEASANT <br />VIEW COURT (Continued) <br />REDUCTION OF LETTER OF CREDIT <br />FOR MV INDUSTRIAL PARK #3 <br />