1961-2562r~~
I~'
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RESOtUT10N N0. ~~
RESOLUTION RELAT INti TO RELEASE OF BOND ON JACOBSI:N do QUIST 3R0 AOD ITION
V 1 LIA QE PLAT N®• 108
CONTRACT No. 249
,IACpBSEN & QUISTS 17EVELOPER8~
NHEREAS' .1ACOB5EN 8o QU18T HAD A IiEVELOPER~S AQREEMENT WITH THIS VILLAQE RELATINQ TO ~ACOBSEN
dr QU18T 3RD ADD ITION~ IYHICH C~ITRACT BEARS THE DESIQNATION OF CONTRACT ND• 249 AND WHICH CONTRACT
NAS Q~IARANTE~D BY A BLVD 0~ THE ST• PAUL MERCURY INDEMNITY COMPANY 1N THE AMOUNT OF $4~600~00 TO
COVER OFF~SITE IMPROVEMENTS AND A BONG OF THE ST• PAUL FIRE AND MARINE INSURANCE COMPANY iN THE
AMOUNT OF #1997.97 TO GUARANTEE THE FULL PAYAA£NT ON ASSESSMEN TS ON SANITARY SEVER HOUSE CONNECTIONS
ON THE NEST SIDE OF OLIVER AVENUE_FROM 76TH STREET TO 77TH STREETS AND
NHEREAS' SAID .1ACOBSEN do QU 1ST HAVE SUBSTANTIALLY COMPL i ED LY 1 TH THE PROV i 81 tint S bF sA 1 D AQREEMENT
1
AND THE BQNID IN8 COMPANIES NOW SEEK TO BE RELIEVED OF ANY FURTHER OBL I QAT I ON Utll DER 8A i D B~IDSs AND
NHEREAS' THERE APPEARS TO BE NO JUSTIFICATION FOR REQU-RINQ SAID .IACOBSEN 8o QUIST TO CONTINUE
TO PROVIDE BONDS FOR SECURITY ON THE PERFORMANCE OF SAID CONTRACT.
NON THEREFORE BE IT RESOLVED BY TEE VILLAQE COUNCIL OF THE VILLAQE OF RIClff'IELD~ MINNESOTAy AS
FOLL0W88
THAT THE VILLAQE MANAQER tS HEREBY AUTHORIZED Ar1D DIRECTED TO RELEASE THE ST• PAUL IIERCURYpINDEMNITY
COMPANY AND THE 'ST• PAUL FIRE AND MARINE INSURANCE COMPANY FROM LIABILITY FOR ANY AND ALL AC78 OF JACOBSE!
de QUIST COMMITTED OR INCURRED, IN VIOLATION OF 8A10 CONTRACT Nfl. 249 ON AND AFTER THE 11TH DAY OF' SEPT~-
EMBERS 1961.
ADOPTED BY THE VILLAQE COUNCIL f1F' THE VILLAQE OF RICHFIELD THIS 11TH OAY OF SEPTEMBERS 1961„
ATTESTs
V ItLAGE LERK
NORTHERLY BflUNDARYE
SOUTHERLY BOUNDARYi
NE STERLY BflUNDARYS
EASTERLY BOUNDARYE
76Tt€ STREET
77TH STREET
PENN AVENU.T.
OLIVER AVENUE