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STREET PARKING AGREEMENT YJITH THE CITY OF RICHFIELD RELATING TO 7004 CEDAR AVENUE SOUTH, WHICH
CONTRACT BEARS THE DESIGNATION OF CONTRACT NO'e 877s AND WHICH CONTRACT WAS GUARANTEED BY A
BOND OF THE UNITED STATES FIDELITY AND GUARANTY COMPANY OF BALTIMORE, MARY LAN DS IN THE SUM OF
~4s000o00s AND
WHEREAS, SAID HIRSCH REALTYs eNCe HAS SUBSTANTIALLY COMPLIED WITH THE PROVISIONS OF SAID
1
i
AGREEMENT AND THE UNITED STATES FIDELITY AND GUARANTY COMPANY NONJ SEEKS TO BE RELIEVED OF ANY
FURTHER OBLIGATION UNDER SAID ,BON D, AND
WHEREASe THERE APPEARS TO BE NO JUSTIFICATION FOR REQUIRING HIR SCH REALTYs INC® TO CONS
TINUE TO PROVIDE A BOND FOR SECURITY ON THE PERFORMANCE OF SAID AGREEMENT.
NOW THEREFOREs BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RICWFIELD~ MINNE SOTAs
AS FOLLOWSS
THAT 'T HE CITY MANAGER IS HEREBY AUTHORIZED AND DIRECTED ,TO RELEASE THE UNITED STATES
FIDELITY AND GUARANTY COMPANY OF BALTIMOREs MARYLQNO FOR ANY AND ALL ACTS OF HIRSCH REALTYs
INC e, COMMITTED OR INCURRED IN VIOLATION OF SA10 CONTRACT NOe 877s ON AND AFTER THE 8TH DAY OF
AUGUSTS 1966®
ADOPTED BY THE C17Y COUNCIL OF THE CITY OF RICHFIELD MIN NESOTAs THIS 8TH DAY OF AUGUST
1966.
ATTEST s
W
MAYOR
C~
CITY CL