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RESOLUTION NO. <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF' MINNESOTA <br />RESOLUTION AUTHORIZING THE REDUCTION OF THE LETTER <br />OF CREDIT FUR DEVELOPMENT AGREEMENT NO. 76-2 <br />WHEREAS, the Developer (Brentwood Development <br />Company) .r White nj:, E—ates ..... A. c i:. .. ba,itted a <br />Letter of Credit as required by Development Agreement No. <br />76-2 for the development of the White Oak Estates Third <br />Addition properties; and <br />WHEREAS, Development Agreement No, lb—,e was signed on <br />April 26, 1976; and <br />WHEREAS, the Developer has developed all eighteen <br />platted lots; and <br />WHEREAS, the Developer has requested the release of <br />the Letter of Credit; and <br />WHEREAS, the Developer's Letter of Credit was reduced <br />to $1,000 on March 24, 1980 (Resolution No. 1092); and <br />WHEREAS, the Developer has completed the requirements <br />of Development Agreement No. 76-2, <br />NOW, THEREFORE, HE IT RESOLVED that the City Council <br />of the City of Mounds View authorizes Lhe release of the <br />letter of credit for Development Agreement No. 7e-2. <br />ATTEST: <br />(SEAL) <br />Adopted this 26Lh day of November, 1985. <br />Mayor <br />Clerk -Administrator <br />1 <br />IJ <br />