HomeMy WebLinkAboutResolution 1082PL"OU 11,, riN tl()� 1, Tiz
C I TY CJT MOVINIV: V I IF W
0iONTY Of kAMSlY
!3',A1[ Of MINNLSWA
AUT14OR I ATION FIIP.T!iFR Rrpucr 1 1 TTFR OF rPFD1 T
AMOUNT REQUIRB, 0R VVELOPMENT AGRrFMFNT 1`40. 18 -?9
WHEAEAS, the lVvelo-per of Mounds 'V)ew Industrial Part, #-'A wa,-
required oy Development Agrefxi�evt No. 78-79 to ortividg a Ietter of credit
in th& ambunt of $150,000.00; and
WHEREW the letter of credit is to assure th@ developmr-nt is in
G�Cordd'lcv with tile requirmilenb of Devejuixtient Aweomwnt No. 79�29; and
WHEREAS, R#fiolution No. 1061 reduced the original letter of credit
w i10_v'wUU'UU to �'evyjbu.uvj Ono
WHEREAS, s0ce the adoption of R*solotion No. 1061, an additional
Wtion of this rittivirenents of Uvelopment Agreement No. 79-29 4ve been
com.plettill and
WHEREAS, additional corrective measures need to be made in the
ownt_0 _S915M.00, wh
ith includ n
in additional 2% retention pursuant to
MN- _TK
WUL--U-IT-AMUfA)-thtk-t--thg-V-ty-Co"I _o"#_CJU_
"s Viv� &uthorises the further reduction of the letter of credit
1M.-MM.40- to -4
Z
t ty"Irum in- '60400 will
ir&C ur -until - the impIttion- and -fins approval of the Devf mm - A
t .1rae
ts.
ATTM
for f- ke
WY _*v