1972-4840r
R~S0~,0'IION N0, ~~D`
~SC~D~"I~;~~ ~.I:LA~II~G ~'0 RRLRASE OF BONn ON t~I'P-STREET PARKING
P.ichfield Investment Company
~b25 Lyx~dale Avenv~e South
Locati~ai~s 600 Grand Avenue South
~r~v Office and Parking Lot
~.:~~, T~~ ch~=ti.e~,d I~vastm~nt Comps.~~y, 6525 I,yndale Avenue Soeath, Rictafie~.d,
-:: ~6._a, mad f~~~~ ~ff~s~.r~eL p~rk~.~`~~g agreement with the City of Richfield relatzagg t®
~,° ~ ~t-»: ~ ~o~.s.:k~, ~~~.~.c.~ ~~;s~ ra~:t bea.r~s ta~,~ designati~rn of Cc~n,tract No. x.082
_ ~ °_~ t r ~~~~ g~N~~ g~.ara~a~~ee;~ by a bond of the Continental Insurance Company,
' s~~sa~€~s~~t~, in the amount of Two Thousand (~2,000.00~ Dollars, and
,~~ ,te~x~~` ~ .P~,c~<<~ie:Ld I~ivestme~?~ Cc~m~any has abandoned their original plans to
I~
~~;~~ ~ss~y. e~isv~~,ng ~aouse at &500 Grand Avenue South for an office, including a par~Cing
~.~~~ ~ a~-1d
".~-~~R~A~;, t~~ere appears to ba no justificat~.on for requiring the Richfield Investmenf~
~"-~~~pan~~y. to contir~t~~ to provide a bond for security on the performance of said agreement.
~~ ~'FiEREF(~RI;, EE IT RES(-L~ED by the City Council of the City of Richfield, Minaa®
~.~ot;~, ~~ fol~,ows s
That the City Manager is hereby authorized and directed t® release the Contin~~t~~A
5~~~vu~a~;,~~ Comp~.ny, Mirsneapo~.is~ Mi~anes®ta f®r any and all acts ~f the Richf~.eld Inve~t~e~g
~ompan~, committed or incurred in vi®I.ation of said Contracg N®. 1082, on and after
the 25th day of September, 1972®
Adopted by the City Council ttais 25th day of September, 1972.
ATTEST;
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E~homas ~5. M®~.~n City Clerk
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'--~' Loren ~® Law Mayo