1965-3532r~~~
RESOLUTION NO. 3532
RESOLUTION RELATING TO RELEASE OF BOND ON OFF-STREET PARKINQ
Ee K. PETERSON 8o SONS (NCe
LOCATION: 512 WEST 78TH STREET
USE: FORMERLY USED AS OFFICE d¢ WAREHOUSE
FOR A SEED BUSINESS - NOW OCCUPIED
BY OPPORTUNITY WORKSHOP,
WHEREAS~'Ee Ke PETERSON do SON, (NC o9 HAD AN OFF~STREET PARKING AGREEMENT WITH THE VILLAGE
OF RICHFIELDy NOW THE C1TY~ RELATING TO 512 WEST 78TH STREETS WHICH CONTRACT BEAR 6 THE DESIGNATION
OF CONTRACT NOe 348 AND WHICH CONTRACT WAS GUARANTEED BY TWE STe PAUL FIRE AND MARINE IN Se COes R
BOND NO. 400 QA 1195, IN THE SUM OF $I~OOOe00~ AND
tUHEREA:, THE BUILDING AT 5.12 WEST 78TW STREET 19 NOW OCCUPIED BY OPPORTUNITY WORKSHOP AND
THE OFF-STREET PARKING AREA HA8 BEEN COMPLETED TO THE SATISFACTION OF THE CITY AND THE Sze PAUL
FIRE AND MARINE IN 6URANCE COMPANY NOW eEEKS TO BE RELIEVED OF ANY FURTHER OBLIGATION UNDER SAID
BOND, AND
WHEREAS, THERE APPEARS TO BE NO JUSTIFICATION FOR REQUIRIN4 SAID Ee K. PETERSON & SONY INCe
TO CONTINUE TO PROVIDE A BOND FOR SECURITY ON THE PERFORMANCE OF SAID AGREEMENT.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RICHFIELDy MINNESOTAy AS
FOLLOW B:
THAT THE CITY MANAGER (8 HEREBY AUTHORIZED AND DIRECTED TO RELEASE THE STe PAUL FIRE AND
PAARINE INSURANCE COMPANY FOR ANY AND ALL ACTS OF E@ Ke PETERSON & SONS INCo COMMITTED OR INCURRED
IN VIOLATION OF 8AID CONTRACT NO. 348a ON AND AFTER THE 25TH DAY OF OCTOBERy [965®
d pal
~ MAYOR
ATTEST:
~~ ~~~~~
CITY CL K