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RESOLUTION NO. 2186 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION AUTHORIZING REDUCTION IN PERFORMANCE - <br />BOND FOR DEVELOPMENT AGREEMENT NO. 86-74, SUDS 'N SHINE <br />CAR WASH <br />WHEREAS, the Developer Ronald Richardson submitted a <br />Performance Bond in the amount of $10,000 as required by <br />Development Agreement No. 86-74; and <br />WHEREAS, the Developer has requested a reduction in the <br />principle of the bond to $1,000; and <br />WHEREAS, the Developer has completed all of the require- <br />ments of the Development Agreement and said $1,000 Performance <br />Bond shall secure the requirements of Ordinance No. 49A for a <br />seven year period. <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. 86-74 from <br />$10,000 to $1,000. <br />BE IT FURTHER RESOLVED, that the current $10,000 <br />Performance Bond shall not be released by the City until such <br />time as a $1,000 Performance Bond found to be acceptable by the <br />City Attorney has been supplied by the Developer. <br />Adopted this 13th day of April, 1987. <br />ATTEST: <br />Mayor <br />(SEAL) <br />Clerk -Administrator <br />