1970-4401r~~
RESOLUTION N0. 4401
RESOLUTION RELATING TO RELEASE OF BOND ON OFF=STREET PARKING
Cedar Properties, Inc.
4744 Grand Avenue South
Location: 7700 12th Avenue South
Use: One 45 Unit Apartment Building
WHEREAS, Cedar Properties, Inc. had~an off=street parking agreement with the City
of Richfield relating to 7700 12th Avenue South, which contract beans the designation of
Contract No. -1080~and°which.°contract was guaranteed by a-bond .of the Fidelity and Deposit
Company of Marys.and; Baitimore, Maryland, in the sum of Thirteen Thousand One Hundred
($13,100.00) Dollars, and
WHEREAS, said Cedar Properties, Inc:, has complied. with the provisions-of said~agree-
went and the. .Fidelity and•Deposit Company of M~iiand now seeks to be relieved o€ any
further obligation under sa3:d bond-, and
WHEREAS, there appears~to be no•~ustification for requiring Cedar Properties; Inc,~to
continue to provide ~a bond for security on the performance of<~~sad~ ag~reement~.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield, Minnesota,
as follows: •
That the .City Manager is hereby authorized and directed to release the Fidelity and
Deposit Company of Maryland for any and a:li~acts of Cedar Properties; Inc. committed or~
incurred in violation of said Contract ~To. i090~on and after-the•~13th~day o£ July, 1970.
Adopted, by the City Council this 13th day of July, 1970.
ATTEST:
- w..
MAYOR
CITX CLERK