Resolution - 13-21 - Releasing LOC's for Pres. HomesCITY OF SPRING PARK
• SPRING PARK, MINNESOTA
RESOLUTION 13 - 21
A RESOLUTION RELEASING THE LETTERS OF CREDIT FOR THE
PRESBYTERIAN HOMES PROJECT
WHEREAS, pursuant to the terms of the Development Agreement dated
December 21, 2009 by and between the City of Spring Park and Presbyterian Homes
Housing and Assisted Living, Inc. (the "Developer"), the Developer was required to
provide a letter of credit in the amount of $116,237 as surety for the construction and
warranty of project landscape improvements, a letter of credit in the amount of $197,428
as surety for the construction and warranty of project municipal improvements, and a
letter of credit is the amount of $87,368 as surety for the construction and warranty of
project storm water drainage and retention system improvements; and
WHEREAS, the Development Agreement provides that the letters of credit are to
be released upon the city's determination that the work has been fully completed, full
payment for the work has been made, and the landscaping has been approved by the city
planner, municipal improvements approved by the city engineer, and storm water
• drainage and retention system approved by the city engineer; and
WHEREAS, project landscape improvements are complete and have been
approved by the city planner; and
WHEREAS, project municipal improvements are complete and have been
approved by the city engineer; and
WHEREAS, project storm water drainage and retention system improvements
are complete and have been approved by the city engineer; and
WHEREAS, the city planner recommends release of the landscaping letter of
credit; and
WHEREAS, the city engineer recommends release of the municipal
improvement letter of credit; and
WHEREAS, the city engineer recommends release of the storm water drainage
and retention system letter of credit;
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
• 1. The letter of credit landscaping for may be released.
2. The letter of credit for municipal improvement may be released.
Resolution 13 - 21
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3. The letter of credit for the storm water drainage may be released.
Adopted by the City Council of the City of Spring Park, Minnesota on November
18, 2013.
Approved:
C- ( a'k eel'o aWlQ —
Sarah Reinhardt, Mayor
Attest:
f
UitI-WIC--
Wendyy L in, City Clerk
Resolution 13 - 21
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