1966-3664r~2
RESOLUTION NO• 3664
- RESOl,~1T ION RElAT IN Q TO RELEASE OF CHECK ACCEPTED IN t IEU
OF SURETY BOND ON OFF-SSTREET PARI~INO GONTRAGT
kYNDALE BUILDERB~ INCA
~NORTHWEBT UNIT INVESTMENT COMPANY
7449 LYNDALE AVENUE SOUTH
- LOCAT ION t APARTMENT +DEY/ELOPAAENT V I C I N I ~'Y
75TH STREET AND LYNDALE NvENUE
WHEREAS! LYNDALE BUILD>"RSi INC• NORTHWEST UNIT INVESTMENT COMPANY HAD AN OFF~STRE~T PARKING
AGREEMENT KITH THE CITY OF RICHFIELD RELATING TO THEIR APARTMENT DEVELOPMENT AT 75TH STREET AND
LYNDALE ~YENUE SOUTH MIHICIJ CDNTRAf3T BEARS THE DESIGNATION OF CONTRACT NO. 829 AND IMHiOH CONTRACT
WAS GUARANTEED BY A BOND IN AN ORIGINAL AMOUNT flF ~25~000.OQ, BUT WHICH WAS REDUCED TO $2i000.O®
BY REBOLU710N N0. 3344 DATED DECEMBER 14TH 1964 AND
. WHEREAS! A CFIECK IN THE AMOUNT OF $2~OOA.iJO (RECEIPT NO. 5313) WAS ACCEPTED eY TWE CITY FROM
THE NORTHWES'T' UNIT INVE:eTMENT COMPANY TO GUARANTY TWE COMPLETION OF tHE WORK UNDER THIS CONTRACT
AN D
WHEREAS PURSUANT TO TWE CITY ENGINEER~B RECOMMENDATION' A SUBSTANTIAL AMOUNT OF THE WORK
HAS BEEN COMPLETED AND. THERE APPEARS T@ BE NO JUSTIFtCAT10N FOR REQUIRING SAID LYNDALE BUILDERS
NORTHWEST UNIT INVESTMENT L~OMPANY~ TO CONTINUE TO PR6VIDE A BOND FOR SECURITY ON THE PERFORMANCE
OF RAID AGREEMENT.
NOW TI~EREFORE~ BE IT RESOLVED BY THE CIT~t COUNCIL OF THE CITY OF RICIi~'IEI.Dy MINNE80TA~ A8
FOLLOW8!
THAT THE CITY MANAGER 18 HEREBY AUTHORIZED AND DIRECTED TO RETURN THE AMOUNT OF THE CHECK
DEPOSIT TO LYNDALE BUILDER$s INC• tNORTHWEBT UN1T INVESTMENT COMPANY~•
ADOPTED BY THE CITY COUNCIL OF TWE CITY OF RICHFIELD TW18 22ND DAY OF AUGUSTS 1966•
ATTEST a
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MAYOR ~•-
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CITY Gl.ER '-