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RESOLUTION NO. 1492 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />APPROVAL OF THE COMPLETION OF DEVELOPMENT <br />AGREEMENT NO. 81-47 FOR THE FIRST STATE BANK <br />OF NEW BRIGHTON AND RELEASE OF TIIE LETTER <br />OF CREDIT IN THE AMOUNT OF $77,035 <br />WHEREAS, First State Bank of New Brighton was required by <br />Development Agreement No. 81-47 to provide a Letter of Credit in <br />the amount of $77,035; and <br />WHEREAS, the Letter of Creidt is required to insure that <br />the development is in accordance with the requirements as outlined <br />in Development Agreement No. 81-47; and <br />WHEREAS, all conditions and requirements pursuant to Develop- <br />ment Agreement No. 81-47 have been completedand fulfilled; <br />NOW, THEREFORE, BE IT RESOLVED that the Mounds View City <br />Council approves the completion of the conditions and requirements ' <br />in Development Agreement No. 81-47 and authorizes the release•bf the <br />Letter of Credit for $77,035 and the issuance of a Final Occugandy <br />for the First State Bank of New Brighton, Mounds View Office, located <br />at 2711 Highway 10; <br />BE IT FURTHER RESOLVED that the Mounds View City Council <br />authorizes a refund of the unused portion of the administrative fees <br />submitted. <br />ATTEST: <br />(SEAL) <br />Adopted this 20th day of September, 1982. <br />Mayor <br />Clerk -Administrator <br />