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RESOLUTION NO, 2176 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION AUTHORIZING THE REDUCTION OF PERFORMANCE BOND <br />FOR DEVELOPMENT AGREEMENT NO. 82-52, SILVER LAKE WOODS <br />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 Agreement No. 8252; and <br />WHEREAS, the Developer has requested a reduction in <br />the principle amount of the Performance Bond to $37,000; and <br />WHEREAS, the Developer has shown that development in <br />the subject area is completed to a level adequate to justify <br />the request for reduction in the Performance Bond. <br />NOW, THEREFORE, BE IT RESOLVED that the City <br />Council of the City of Mounds View authorizes the reduction <br />in the amount of the Performance Bond for Development <br />Agreement No. 82-52 to a principle amount of $37,000. _ <br />BE IT FURTHER RESOLVED, that the current $90,000 <br />Performance Bond shall not be released by the City until <br />such time as the $37,000 Performance Bond found to be <br />acceptable by the City Attorney has been supplied by the <br />Developer. <br />Adopted this 23rd day of March, 1987. <br />ATTEST: <br />Mayor <br />(SEAL) <br />C1erk-Administrator <br />APPROVED AS TO FORM: <br />City Attorney <br />