HomeMy WebLinkAbout2002-173 CCRMember E Nelson introduced the following resolution and
moved its adoption:
RESOLUTION NO. 2002-173
RESOLUTION AUTHORIZING RELEASE OF SURETY FOR ESTATES OF
RIVERWOOD
WHEREAS, the developer of the Estates of Riverwood submitted a Letter of
Credit as security for the public improvements for the Estates of Riverwood; and
WHEREAS, City Council Resolution 2001-176 provided for a reduction in the
Letter of Credit held for construction of public improvements for the Estates of Riverwood; and
WHEREAS, Resolution 2001-176 reduced the Letter of Credit from $146,900 to
$32,720; and
WHEREAS, construction of public improvements for the Estates of Riverwood
have been completed pursuant to the Riverwood Estates Subdivision Agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota that Builder's' Mortgage Company LLC is authorized to reduce the
Letter of Credit No. 7139-01101 for Riverwood Estates by an amount of $32,720, leaving a
Letter of Credit balance of $0.00.
December 9, 2002
Date
Ma or
ATTEST: V-~ r oj1 -V~
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Kay Lasman and upon vote being taken thereon, the following voted in favor thereof:
Myrna Kragness, Kay Lasman, Ed Nelson, Bob Feppe, and Tim Ricker;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.