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RESOLUTION No. 1955 <br />PITY OF MOONUS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION AUTHORIZING THE RELEASE OF THE LETTER <br />OF CREDIT FOR OEVF,LOPMENT AGREEMENT NO. 76-2 <br />WHEREAS, the Developer (HrPntwood Development <br />Company) of White Oak Estates Third Addition submitted 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 Ne. 76-2 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, BE IT RESOLVED that the City C.)uncil <br />of the City of Mounds View au'hor,zes the release of the <br />letter of credit for Development Ay.eement Nn. 76-2. <br />Adopted chic 26th day of November, 19F5. <br />ATTEST: <br />(SEAL) <br />Mayor <br />Clerk -Administrator <br />