1965-3544r~:
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RE50LUTION NO.a 3544
RESOLUTION RELATING TO RELEASE OF BOND FOR DEVELOPMENT
OF MILDRED DRIVE FROM 64TH STREET AND EMERSON AVENUE
TO COLFAX AVENUE.
GRASS LAKE DEVELOPMENT CO,
5601 13TH AVENUE SOUTH
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WHEREAS, THE GRASS LAKE DEVELOPMENT CO,~ 5601 f3TH AVENUE SOUTH HAD A
DEVELOPER'S AGREEMENT WITH 7HE CITY OF RICWFIELD RELATING TO THE CONSTRUCTION
OF MILDRED DRIVE FROM 64TH STREET AND EMERSON AVENUE TO COLFAX AVENUES WHICH
CONTRACT BEARS THE DESIGNATION OF CONTRACT NO® 942 AND WMICH C~ONTRAOT WA$
GUARANTEED BY A BONA OF THE UNITED PACIFIC INSURANCE COMPANY OF TACOMA, WASH
INGTON, IN THE SUM OF TWENTY THOUSAND {$20,OOQ,00j DOLLAR8~ AND
WHEREASa SAID GRASS LAKE DEVELOPMENT CO. WAS SU83TANTIALLY COMPLIED WITH
THE PROVISIONS OF SAID AGREEMENT AND THE UNITED PACIFIC INSURANCE COMPA NY NOW
SEEKS TO BE RELIEVED OF ANY FURTHER OBLIGATION UNDER SAID BOND~,AND
WHEREAS, THERE APPEARS TO BE NO JUSTIFICATION FOR REQUIRING $A@D GRASS
LAKE DEVELOPMENT CO, TO CONTINUE TO PROVIDE A BOND FOR SECURITY ON THE
PERFORMANCE OF SAID AGREEMENTa
NOW TNEREFORE~ BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RICHFIELD,
MINNESOTAg AS FOLLOWSY
THAT THE CITY MANAGER iS HEREBY AUTHORIZED AND DIRECTED TO RELEASE THE
UNITED PACIFIC INSURANCE COMPANY FOR ANY AND AIL CLAIMS AGAINST THE GRASS LAKE
DEVELOPMENT COQ ARISING UNDER OR BY REASON OF SAID CONTRACT NOa 942, ON AND
AFTER THE 13TH DAY OF DECEMBERi 1965Y
ADOPTED BY TWE CITY COUNCIL OF THE CITY OF RiCHFtELD TWIS 13TH DAY OF
DECEMBERg 1965,
ATTESTu
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CGTY