1962-2809r93
RESOLUTION N0. 2809
RELAT INQ TO RELEASE OF BONG ON 13FF~STREET PARKING
FIRST FEDERAL SAVINGS AND LOAN
ASSOCIATION OF MINNEAPOLIS
85 SOUTH 7TH STREETa MINNEAPOLISa MINN.
LOCATIONa RICHFIELD PLAZA SHOPPING CENTERy
66TH STREET AND NICOLLET AVENUE
USEt SHOPPING CENTER
WHEREAS, FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF' A7INNEAPOLISa HAD AN OFF°STREET
PAP.K1rJG AGREEMENT WITH TH19 VILLAGE RELATING T08
THE WEST OR FRONT 106 FEET OF THE SOUTH 35 FEET OF LOT 4~~
BLOCK 9~ TOWNS EDGE
cRICHFIELD PLAZA SHOPPING CENTERS 66TH STREET AND NICOLLET
AVENUE
WHICH CONTRACT BEARS THE DE8IGNATION OF CONTRACT NO. 624 AND WAS GUARANTEED BY A BOND OF
THE AMERICAN CASUALTY COMPANY OF REAOINGa PENNSYLVANIAa IN THE SUM OF FIVE HUNDRED (~~Ov~JO~
QOLLARSa AND
9YHEREAS~ SAID FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF' MINNEAPOLISa HAS SUBSTANT°
J
(ALLY CQMpL1E0 WITH THE PROVI SION8 OF SA10 AGREEMENT ANO TIC AMERICAN CASUALTY COMPANY OF
READINGsPENNSYLVAN1Ap NOW SEEKS TO B1E RELIEVED OF ANY FURTHER OBLIGATION tfiIDER SAID BONDS AND
WHEREASa THERE APPEARS TO ~ NO ~IUSTIFICATION F'OR REQUIRING SAID FIRST FEDERAL SAVINGS
AND LOAN A&SOCIATIOPd OF P~IINNEAPOLIS TO CONTINUE TO PROVIDE A BOND FOR SECURITY ON THE PCR°
FORMANCE Of• SA1 D AGREEA~NTo
NAW THEREFaREa BE tT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF RICHF1ELDS MINN°
E5oTAa AS FOLLOWSB
THAT THE VILLAGE MANAGER 18 HEREBY AUTHORIZED AND DIRECTED TO RELEASE THE AMERICAN
1
CASUALTY COMPANY OF READINGa PENNSYLVANIAa FROM LIABILITY FOR ANY AND ALL ACTS OF' FIRST I°E;C1°
ERAL SAVINGS AND L,7AN ASSOCIATION OP MINNEAPOLISa MINrJESOTAa COMnA1TTED OR INCURRED IN VICLATi~?Pd
OF' SAID CONTRACT NOo 624~a ®111 AND AFTER THE 13TH DAY GI` AUwUST9 19~e
ATTEST t
.~~2/~~
V I Ltt~tGE gE RK