1963-3141rRE50LUTION N0. 3141
REBJLUTION RELATING TO RELEASE OF BOND ON OFF-STREET PARKING AND ACCEPTING
CHECK tN AAtD UNT O F $5,000.00 TO BE PLACED tN ESCROW.
MER~iTT DORPORATION D~B~A~
LYNDALE BUILDER B, iN0•
4825 MINNETONKA BLVD•
MINNEAPOLIB t6, MINNE60TA..
LDGATIONa 630[-15-25*35 LYNDALE AVE. ~•
USEa FOUR 34 UNIT APARTMENT BUILDINQStALL ( B.Ro~
1
WHEREWS, MERITT CORP•, D~B~A~ LYNDALE BUILDERS, INC., 4825 MINNETONKA BLVD, MINNEAPOLIS,
16, MINNESOTA, HAD AN OFF++$TREET PARKINQ AQREEMENT WITH TH18 VILLAQE FiELATINQ T® 6301-15-25-35
LYNDALE AVENUE SOUTH, WHICH CONTRACT BEARS THE DE8IQNATION OF CONTRACT N0. 789 AND WHIOH CDN-
TRACT WA8 QIJARANTEED BY A BOND OF THE SEABOARD SURETY COMPANY, A NEW YORK CORPORATION, 100
WILLIAM. STREET, NEW YORK 38, NEW YORK IN THE SUM OF $25,000.00, AND
WHEREASs PURSUANT TO THE VILLAQE ENQINEER~B RECOMMENDATION, A 8UB6TANTIAL AMOUNT OF THE
WORK HAS BEEN CObIPLETEO AND THERE APPEARS TO BE NO JUSTIFICATION FOR REQUIRINQ RAID MERITT
CORPy D~B~A~ LYNDALE BUILDERB~, FNC., TO CONTINUE TO PROVIDE A $251000.00 BOND FOR BEGURITY ON
THE PERFORMANCE OF SAID AQREEMENT•
NOW THEREFORE, BE I T RE81 LVED BY TWE V 1 LLAQE COUNC IL OF THE V 1 LLAQE OF R 1 CNF t ELD, Ml NN~-
E80TA, A 8 FOLLOW SE
t• THAT THE VILLAQE MANAQER IS HEREBY AUTHORIZED AND DIR EOTED TO RELEASE THE SEABOARD
1
SURETY COMPANY FROM LIABILITY FOR ANY AND ALL AGTB OF MERITT DORP., D~B~A~ LYNDALE BUILDER Sp
INC• COMMITTED OR INOtJ1iRED IN VIOLATION OF RAID CONTRACT NO. 789, ON AND AFTER THE 25TH DAY
OF NOVEMBER, 1963•
2• THAT THE VILLAQE MANAQER 18 HEREBY AUTHORIZED TO ACCEPT A CHECK IN THE AMOUNT OF
$5000.00 IN LIEU OF A BONDS TO BE PLACED IN EBCROW~ TO QUARANTY THE COMPLETION OF ALL ITEMS
OF WORK CONTAINED IN OFF~rTREET PARKINQ CONTRACT NO. 789a
ADOPTED BY THE VILLAQE COUNCIL OF THE VILLAQE OF RICHFIELD THIS 25TH DAY OF NOVEMBER'
1963 •
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