1969-4248r~~
RESOLUTION N0. 4248
RESOLUTION .,RELATING TO RELEASE OF BOND ON OFF-STREET PARKING
Cedar Properties, Inc.
4744 Grand Avenue South
Location: 63I East 77th Street
Use: One 21 Unit Apartment Building
Wi~EREAS, Cedar Pxoper~~.ea, Inc., x±744 Grand Avenue South, Minneapolis, Minnesota,
had an off-street park3,ng agreement with the City of Richfield relating to 631 East 77th
Street, which contract bears the designation of contract No. 1070, and which contract
was guaranteed by a bond of the Fidelity & Deposit Company of Maryland, Baltimore, Maryland,
in the amount of $6,400.00, and
WHEREAS, Cedar Properties, Inc. has complied with the provisions of said agreement
and the Fidelity & Deposit Company of Maryland now seeks to be relieved of any further
obligation under said bond, and
WHEREAS, there appears to be no 3ustification for requiring Cedar Properties, Inc.
to continue to provide a bond for security on the performance of said agreement.
NOW THEREFORE, BE IT RESOLVED by the City Council of th.e City of Richfield, Minnesota,
as follows:
That the City Manager is hereby authorized and directed to release the Fidelity &
Deposit Company of Maryland for any and all acts of Cedar Properties, Inc., committed or
incurred in violation of said Contract No. 1070, on and after the 8th day of September, 1969.
Adopted by the City Council this 8th day of September, 1969.
t~J '`~
MAYOR
ATTEST:
CITY CLERK
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