HomeMy WebLinkAbout1976-142 CCR Member Tony Kuefler introduced the following resolution
and moved its adoption:
RESOLUTION NO. 76 -142
RESOLUTION AUTHORIZING REDUCTION OF SUBDIVISION BOND
AND THE DISBURSEMENT OF REMAINING FUNDS FOR BAERG'S
2ND ADDITION.
WHEREAS, on July 14, 1976, the City of Brooklyn Center
received a Guaranteed Investment Bond in the amount of $15,500.00
to guarantee certain subdivision improvements for Baerg's 2nd
Addition as set forth in the Financial Performance Guarantee by
Developer, dated July 13, 1976; and
WHEREAS, the street surfacing, as guaranteed by the above
mentioned Guaranteed Investment Bond, was duly installed as part of
Project No's. 1976 -1 and 1976 -2; and
WHEREAS, the total amount attributable to Baerg's 2nd
Addition for the above mentioned projects is $7,907.78; and
WHEREAS, the amount of improvements remaining to be completed
under said Guaranteed Investment Bond is estimated to cost $5,000.00.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the
City of Brooklyn Center direct the City Treasurer to negotiate the
existing Guaranteed Investment Bond and credit Project 1976 -1 the
amount of $6,170.14 and Project 1976 -2 the amount of $1,737.64,
totalling $7,907.78.
BE IT FURTHER RESOLVED that the City Treasurer retain the
balance of $5,000.00 until all other work is completed in Baerg's
2nd Addition and issue a check in the amount of $2,592.22 to David
Baerg, which amount represents the difference to be returned to
him as cash escrow excess.
October 4, 1976
Date Mayor
ATTEST�
Y
Clerk
The motion for the adoption of the foregoing resolution-was duly
seconded by member Robert Jensen and upon vote being taken
thereon, the following voted in favor thereof: Philip Cohen,
Maurice Britts Tony Kuefler, Bill Fignar, and Robert Jensen;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.