1971-4676r~~ ~' ~~
RESOLUTION N0. 4676
RESOLUTION RELATING TO RELEASE OF BOND ON OFF-STREET PARKING
Summit Development Company
6500 Nicollet Avenue South
Location: 12 West 65th Street
Use: Parking lot for drive-in
bank facilities
WHEREAS-, the Summit Development Company, 6500 Nicollet Avenue South, Richfield,
Minnesota, had~an off-street parking agreement with the City of Richfield relating to
12 West 65th Street, which contract bears the designation of Contract No, 2076, and
which contract was guaranteed by a bond~f the St. Paul Fire and Marino Insurance
Company, St. Paul, Minnesota, in the amount of $6,.700.00, and
WHEREAS, the Summit Development Company has complied with the provisions of said
agreement and the St. Paul Fire and Marine Insurance Company, St. Paul, Minnesota, now
seeks to be'relieved of any further obligation under said bond, and
W~iEREAS, there appears to be no 3ustification for. requiring the Summit Development
Company to continue to provide a bond for security on the performance of-said agreement..
NOW THEREFORE, BE IT RESOLVED by the City Council of the City oil Richfield, Minn-
esota, as follows:
That the City Manager is hereby authorized and directed to release the St. Paul
Fire and Marine Insurance Company, St. Paul, Minnesota for any and all acts of the Summit
Development Company, committed or incurred in violation of said Contract No.~2076, nn
and after the 26th day of October, 1971.
Adopted by the City Council this 26th day of October, 1971.
W~
MAYOR
ATTEST:
CITY , ERR