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/ RA <br />RESOLUTION NO. 2170 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION AUTHORIZINU THE REDUCTION IN PERFORMANCE BOND FOR <br />DEVELOPMENT AGREEMENT NO. 82-52, SILVER LAKE WOODS DEVELOPMENT <br />WHEREAS, the Developer., M and E Realty submitted a <br />Performance Bond in the amount of $90,000 as required by <br />Development Aqreement No. 82-52; and <br />WHEREAS, the Developer has requested a reduction in the <br />principle amount of the bond in the amount of $37,000; and <br />WHEREAS, the Developer has shown that development in the <br />subject project area is completed to a level adequate to justify <br />a 41 percent reduction in the amount of the Performance Bond. <br />NOW, THEREFORE, BE IT RESOLVED that the City Council of <br />the City of Mounds View authorizes a reduction in the amount of <br />the Performance Bond for Development Agreement No. 82-52 in the <br />amount of $37,000. <br />BE IT FURTHER RESOLVED that the current $90,000 Performance <br />Bond shall not be released by the City until such time as a <br />$53,000 Performance Bond found to be acceptable by the City <br />Attorney has been supplied by the Developer. <br />Adopted this 23rd day of February, 1987. <br />(SEAL) <br />Mayor <br />ATTEST: <br />Clerk -Administrator <br />