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1964-3344r~.,@ +~~ RESOLUTION N0e3344 RESOLUTION REI.ATINQ TO RELEASE OF BOND bN OFF-STREET PARKINQ AND ACCEPTIN© CHECK IN AWgUNT OF ~2~000 TO BE PLACED IN ESCROWe LYNDALE BUILDERBa INCo {NIJRTMWEST -UNIT INVESTMENT COMPANY 4825 MIIYNETONKA BLVDoa MINNEAPOLIS LOCATIONS 75TFI STREET do LYNDALE AVENUE USES ApARTRdENT DEVELOPMENT WHEREAS, LYNDALE BULL®ER Sa INC. {NORTHWEST UNIT INVESTMENT COMPANY HAD AN OFF~-STREET QARKING AGREEMENT WITH THE VILLAGE OF RfQFIfIELD {NAVY THE CITY RELATING TO TWEiR A PARTN~NT 19EVELOPkIENT AT 75TH STREET AND LYNDALE AVENUE SOUTHa WWICH CONTRACT BEARS THE DESIGNATION OF CONTRACT Noe 829 AND WHICH CONTRACT WAB GUARANTEED BY A BOND OF 7WE SEABOARD SURETY COMPANYa ANEW YORK CORPORATIONa 100 WILLIAM STREETS NEw YORK 38, NEW YORK IN THE 8Ut~l OF ~25i000.e00~ AND WHEREAS PURSUANT TO TWE CITY ENGIIW:ER~S 14E@t14ANlENDATION~ A SUBSTANTIAL AdIt1uNT OF THE WORK MAS BEEN COMPLETEfl AND THERE APPEARS TD BE NO JUSTIFICATION FOR REQUIRING eAtD LYNDALE BtJI LDER8 TO CONTINUE TO PROV I DE A $25f000e00 11t8N0 FOR SECURITY ON THE PERFORMANCE Ot° SA B D AGR~EItrENT e NOW THEREFORE BE IT RE9DLVED BY THE CITY COUNCIL OF TWE CITY OF RICWFIELDa MINNESOTAa AS FOLIOWSS 1. TWAT TWE CITY MANAGER IS WERE BY AUTHORIZED AND DIRECTED TO RELEASE TWE SEABOARD SURETY COMPANY FROM LIABILITY FOR ANY AND ALL ACTS OF LYNDALE BUILDERSa INCOa COMMITTED OR INCURRED IN VIOLATION OF SAID CONTRACT NOo 8291 ON~AND AFTER TI9>: 14TW DAY OF DECEMBERg 19640 2. THAT TWE CITY MANAGER IS HEREBY AUTFlORIZED TO ACCEPT A CHECK IN THE AMOUNT OF• ~ZDOOOeU41 FROM THE NORTHWEST UNIT INVESTMENT COMPANY {REeElpt Noe 5313 ~ TO BE PLACED IN ESCROWS TO GUARANTY 1HE COMPLETION OF ALL ITEMS OF WORK CONTAItVED IN OFF-STREET PARKING 4:DNTRACT NOe 829. ADOPTED BY TtHE CITY COt7NGIL OF THE C{TY OP RICWFIELD THIS 14TW DAY OF 9DECEMBERa 1964e lam`'' I~YO R ATTESTS c ......__.. ~ ..~ ......._.. _ ....._...; .. , .._.... ~. .. ~~ ~'-C4 CLERiI;