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1967-3765r 1 RESOLUTION N0~ 3765 RESOIUTIG~U AUTHOR121N0 REDUCTION IN SECURITY FOR PERFORMANCE OF OFF-StREET PARKIN© A(#REEMENT~ CONTRACT NO. 948 RIOHFiELD COMPANY ~~IULTIOON~ 1033 WE BT 3RD AVENUES COLUMBU8~ OHIO LOCATIDN8 75TH 70 76THi I.DGAN TO 35W U8~8 24 APARTMENT BU1I.DINGB BE IT RESOLVED BY TWE CITY COUNCIL OF THE CITY OF RICHFIELD MINNE 80TA~•A8 FOLLOW88 I:o IT t8 HEREBY DETERMINED THAT MULTICON~ INC• HA8 SUBSTANTIALLY PERFORMED ITS OFF- BTREET PARKING AGREEG~NT AND THAT THE REMAINING WOfiK CONSISTS OF8 BARRIER CURB SIDEWALK lAND8~APING 2• IT IS.HERE9Y DETERMINED THAT SUCH REMAINING WORK .WILL NOT .COST IN EXCESS OF 1 1 $3s4I0e00• 3• THE ~60i0Udo00 LEfTER OF CREDIT WHICH MULTICON HA8 PLACED ON DEPOSIT IN THE OHIO NATIONAL BANK OF COI:UMBUB~ OHIOy AS SECURITY FOR THE PERFORMANOE OF SAID OFF-BTREET pARKINo 'AGREEMENT MAY BE RELINQUISHED UPON THE SUBSTITUTION THEREFOR OF A LETTER OF CREDIT IN THE AMOUNT OF ~490QOe00 RUNNINd IN FAVGR OF THE CITY OF RICMFIELD A8 6~CWRITY FOR THE PERFORMANCE OF THE BALANCE OF BUGH CONTRACTo 4• THE CITY MANAGER IS HEREBY AUTkdORIZED ANA I~IREOTED TO~TAKE SUCH, ACTION A8 MAY BE. NECESSARY TO PROiiODE FOR THE REDUCTION OF THE SECURt~TY ON DEPOSIT FOR TWE PERFORMANCE OF THE AGREEMENTo ADOPTED BY THE CITY COUNCIL OF THE CITY OF R10HFIELDj MINNE80TA~ TW18 23RD DAY OF JANUARY, 1967 • ATTESTt CITY INII~OR