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MEMO TO: MAYOR AND CITY COUNC L <br />® FROM: CLERK-AUMINISTRATOR <br />DATE: MARCH 2, 1987 <br />SUBJECT: REDUCTION IN PERFORMANCE BOND FOR DEVELOPMENT <br />AGREEMENT NO. 82-52, SILVER LAKE WOODS DEVELOPMENT <br />As you may recall, the Mounds View City Council on February 23, <br />1987 authorized the reduction in the Performance Bond for the <br />referenced development agreement to $53,000. Unfortunately, the <br />original request by Mr. Tore Wistrom, Vice President of Kraus <br />Anderson Development Corporation was misunderstood by Staff. His <br />original request was for a reduction in the Performance Bond to, <br />rather than of, $37,000. In reviewing the documents previously <br />provided regarding this item, such a request would appear to be <br />reasonable and Staff would recommend Council consideration of <br />this request. Attached is a copy of Mr. Wistrom's original <br />letter dated November 7, 1986 outlining the specifics of this <br />request. Attached is Resolution No. 2176 Authorizing the <br />Reduction of the Performance Bond for Development Agreement No. <br />82-52 to $37,000 should Council deem the request appropriate. <br />DFP/mjs <br />® Attachment: Resolution No. 2176 <br />4_ <br />