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<br /> <br />ervi{{e <br /> <br />1880:Main Street . Centerviffe,!lIf9tL 55038 <br />(651) 429-3232 .:r1P( (651) 429-8629 <br /> <br />STATE OF MINNESOTA <br />COUNTY OF ANOKA <br />CITY OF CENTERVILLE <br /> <br />Resolution #04-030 <br /> <br />A RESOLUTION AUTHORIZING A REDUCTION IN THE LETTER OF CREDIT FOR PHEASANT <br />MARSH PHASE n <br /> <br />WHEREAS, Irrevocable Standby Letter of Credit No. NZS475260, drawn in favor of the City ofCenterville to <br />secure private improvements in the Pheasant Marsh Phase IT development, is due to expire on June 30, 2004; <br />and, <br /> <br />WHEREAS, the developer, Ground Development, has requested a reduction in the amount of the letter o. <br />credit in consideration of the improvements that have already been completed; and, <br /> <br />WHEREAS, the City Engineer and Public Works Director have inspected the project and have noted the <br />completed improvements. <br /> <br />THEREFORE, BE IT RESOLVED that the City Council of the City of Centerville hereby authorizes a <br />reduction in the amount of the above-described letter of credit to the amount of $80,175, provided that the <br />renewed letter of credit is received prior to the expiration date ofJune 30, 2004. <br /> <br />BE IT FURTHER RESOLVED that if the letter of credit has not been renewed by its expiration date, the City <br />Administrator or the Finance Director are hereby authorized and directed to draw on the letter of credit, up to <br />the entire amount of its value. <br /> <br />PASSED AND ADOPTED by the City Council this 23rd day of June, 2004. <br /> <br />Attest <br /> <br />Mayor <br /> <br />City Clerk <br />