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1962-2918r RESOLUTION N8. 2916 RESOLUTFON RELATINQ TO RELEASE 0~' EIOND ON AFF'~STREET PARKING INLAND BUILDERBg CORP07ATION 7100 FRANCE AVENUE SOUTH LOCATIONII 6725 PENN AVENUE USES ONE I2 UNiT APARTMENT BUILDINGS WHEREASg INLAND BUILDERBg CORPORATION] 7100 FRANCE AVENUE SOUTM~ MINNEAP0L18 2~4y MINNa+ ESOTAa HAD AN OFFm+eTREET PARK,INd AGREEMENT WITH THIS VILLAGE RELATING TO 672 PENN AVEN~ SOUTHg WHICH CONTRACT BEARS THE DE8IGNATION OF APPLICATION N©.. 62a3g CONTRAOT NO. 7Q7~ AND AND WHICH OONTRACT WA8 GUARANTEED 8Y A BOND OF THE IOWA MUTUAL INSURANCE COMPANYg DE1l11TTg IOCIAp IN THE BUTA Oa' ~2a000o00g AND WHEREASs BARB INLAtdo BUILDERSg CORPORATIONg HA8 8UBSTANTlALLY COMPLIED WITH THE PROV6SIONS f OF 8AID AGREEMENT AND THE IOWA MUTUAL iNBURANCE COMPANY NOW SEEKS TO BE RELIEVED OF ANY FURTHER OBLIGATION UNDER 8AID BOND' AND INHEREASg THERE APPEARS TO BE NO JUSTIFICATION FOR REQUIRING 8AID INLAND BUILDERBg CORPORAm TIONB TO CONTINUE TO PROVIDE A BOND FOR 8ECURITY ON THE PE,FEFORMANCE OF 8AID AGREEMENTp NOW tHEREFOREg BE IT RES©LVED BY THE V14IAGE COUNCIL of TIDE VILLAGE DF RICHFIEaLDe MINN~ EeOTAg AS FOLLOWBII THAT THE VILLAGE MANAGER 18 HEREBY AUTHORIZED AND DIRECTED TO RELEASE THE I41JVA MUTUfi~6 IniBURANCE COMPANY FROM LIABILITY FOR ANY AND ALL ACTS OF INLA~vD BUILDERBg CORPORATIONg COMMITTED OR INCURRED IN VIOLATION OF 8AID CONTRACT NO. 707, ON AND AFTER TFE IOTM DAY t~F ElECEMBERg 1`• AIIOPTEp t3iY THE VILLAGE COUNCIL OF THE VILLAGE OF RICHFIELB THIS (0TH DAY OF DECEMBERg 130 W . ~y ...~~„® M~,Y4 diTTEST t ~~~~~ i~~-2~v~t.~- V t t E C tERK NANA GER