1963-3026r~~
1
RESO LUT I O N N0, 3026
RELATING TO RELEASE OF BOND ON OFF~TREET PARKING
NORDSTROMmODELL CO.y INCo
2427 WEST BROADWAY
L;,cArIONa 6510x40 CEDAR AvENU2
USES TWO f2 UNIT APARTMENT BUILDINGS
WHEREASy NORDSTROM~+ODELL CO,y INC~s 2427 WE &T BROADWAY9 MBNNEAPOLlSB Ifl1NNESOTA9 HAD
AN Oi'FpSTREET PARKING AGREEMENT WITH THIS VILLAGE RELATING TC! 6510m40 CEDAR AVENUE SOUTHg
WHICH CONTRACT BEARG THE DESIGNATION OF CONTRACT NO. 6958 AND WHICH CONTRACT WAE GUF,RANTE;Ei)
BY A BOND OF THE FIDELITY AND CASUALTY COMPANY OF NEW YORKe IOW YORKa IN THE AMOUNT OF
~5a000~00~ AND
Wl~REASa SAID NORDSTROM*^ODELL COog IMCoi> HAS SUB8TANTIALLY COMPLIED WITH THE PROVISIONS
1
OF SAID AGREEMENT AND THE FIDELITY AND CASUALTY COMPANY OF NEW YORK NOW SEEKB TO BE f2ELIEVED
OF ANY FURTHER OBLIGATION UNDER SAID BONDS AND
WHEREASg THERE APPEARS TO BE NO .JUSTIFICATION FOR REQUIRING S41D NORDSTROM~ODEwL CO,q
INCA TO CONTINUE TO PROVIDE A BOND FOR SECURITY ON THE PERFORMANCE OF SAID AGREEMENTe
NOW THEREFORE, BE IT RESOLVEfl BY THE VILLAGE COUNe1L of rHE VILLAGE of RICHFIELDg MINN~
ESOTA9 AS FOLLOW9S
THAT THE VILLAGE MANAGER IS HEREBY AUTHORIZED AND DIRECTED TO RELEASE THE FIDELITY AND
CASUALTY COMPANY OF NEW YORK FROM LIABILITY FOR ANY AND ALL ROTS OF NORDSTROM°~ODELL,COdy INO,
°:OMMiTTED OR INOURRED iN V10LATION OF SAID CONTRACT NOo 6958 ON AND AFTER THE 27TH DAY OF
MAY y 8963 v
ADOPTED BY THE VILLAGE COUNOIL TW18 27TH DAY OF IU~lY9 1630
ATTESTs
~~
Vlt GE CLERK