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1965-3538r~~~ RESOLUTION N0, 3538 RESO~Ut10N REI,A TIN© TO RELEASE OF BOND ON OFF-STREET PARKIN 0 B. To A, CONSTRUCTION CO. 3425 COLFAX AVENUE SOUTH LOCATIONO 6320 ~.YNDALE AVENUE ~UTN USEf ONE 18 UNIT APARTMENT BUILDING TEN 2 B•R• AND EIGHT ( B,R.~ iNHEREAS~ B. T• A. CONSTRUCTION CO., 3425 COLFAIt AVENUE SOUTWs MINNEAPOLBSa MINNESOTAe HAD AN OFF-STREET PARKING AGREEMENT MA TH T~lE VILLAGE OF RiGHFIELOS NOM- THE CIT.Yy RELATING TO 6320 1.YNDALE AVENUE SOUTH WWICH CONTRACT BEAR 8 THE DE SIGNATION OF CONTRACT (NOa 869, AND MIHICH CONTRACT NAS GUARANTEED BY A BOND OF TWE HOME OMINERS INSURANCE COMPANY- 100 WEST FRANKLIN AVEvD MINNEAPOLIS 4~ MINNESOTA. IN THE SUM OF-FIVE THOUBAND~~5~000~~0~ DOLLARS' AND WHEREAS B• T• A• CONSTRUCTION CO y HAe SUBSTANTIALLY COMF~.IEO WITH THE PROVOSIONS OF SKID AGREEMENT QNm TlIE HOME OWNERS INSURANCE COMPANY NOW SEEKS TO BE RELIEVED OF' ANY FURTHER I OBL i GATI ON FINDER SA 1 D BONO~ ANQ WHEREAS, SUCH OFF•STREET PARKING CONTRACT BTfPULATED THE CONSTRUCTION OF CONCRETE SIDEWALK ON LYNDALE AVENUE ADJACENT TO THE PROPERTY AND WHEREASi IT YIILL NOT BE POSSIBLE TO CON S7RUCT A CONCRETE 810EMIALK ON I.YNDALE AVENUE ADJACENT TO THE PROPERTY A S 8T I PULATED I N THE CONTRACT A S THERE I S t~tOT SUFF I C I EN T~ I TY R I Gl~T~OFmgIAY DUE TO THE MIIBENING OF LYNDALE AVENUEs ANO WHEREASs THERE APPEARS TO BE NO JUSTIFICATION FOR REQUIRING SAID B. Ts Aa GONSTRUCTION CO, TO CONTINUE TO PROVIDE A BOND FOR SEQURI N ON TEIE PERFORINANCE OF 8AiD AGREEMENT• NOIX THEREFOREs BE IT'RESfltVED BY THE CITY ~OUNCIL_OF THE CITY OF RICWFIELDe MINNESOTAD AS FOLLOWS! TWAT TWE CITY MANAGER IS WEREBY AUTWORIZED AND DIRECTED TO RELEASE TWE HOME ~NERB INSURANCE COMPANY FOR ANY AND ALL ACTS OF THE B~ T• A. CONSTRUCTION CO, COMMITTED OR INCURRED tN VIOLATION OF SAID CONTRACT NOS 869 ON AND AFTER THE 22ND DAY OF NOVE1@IBERSl965• ADOPTED BY THE CITY COUNCIL OF THE CITY OF RICHFIELD THIS 22N0 DAY OF NOVEMBERa 1960 ATTEST a MAYOR .~~~ ~. -CITY ERIC ~°