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Councilman Reimann introduced the following resolution and moved for its <br />adoption: <br /> <br /> RESOLUTION 80- 74c <br /> <br />RESOLUTION DEFERRING BLACKTOPPING OF STREETS IN GATE, rAY NORTH INDUSTRIAL <br />PLAT <br /> <br /> WHEREAS, the City of Ramsey City Code Chapter 170.03 requires <br />all streets to be paved with bituminous/concrete, and <br /> <br /> WHEREAS, the City of Ramsey requires the Developer to establish <br />a bond, letter of credit, or a deposit for 105% of the cost of the street <br />improvement if the improvement is not completed prior to the final plat being <br />accepted, and <br /> <br /> WHEREAS, sewer and water improvements will most likely be <br />brought to the plat within the next three years, and <br /> <br /> WHEREAS, the construction of blacktop streets at this time, in <br />light of the probable construction of sewer and water in the near future <br />would be inefficient and uneconomical. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, <br />ANOKA COUNTY, STATE OF MINNESOTA~ as follows: <br /> <br /> 1) That the City of Ramsey will defer the blacktopping of <br />the streets in the Gateway North Industrial Plat providing the Developer <br />establish a letter of credit in the amount of 150% of City Engineer's <br />estimated cost of the required improvements. <br /> <br /> 2) That the letter of credit run for two and one-half (2½) <br />years commencing from the date of this resolution. <br /> <br /> 3) That the letter of credit be reviewed each year by the <br />City Engineer to ascertain that the 150% established during the first year <br />is adequate to cover the second year construction costs and if an increase <br />is necessary the Developer will provide the City with a new letter of <br />credit reflecting the appropriate amotunt. <br /> <br /> 4) The expiration of this agreement will be two years from <br />the date of this resolution (August 8, 1980). Upon expiration of the two <br />(2) years~ the City will proceed with the street improvement in the above <br />stated plat using the letter of credit to cover costs doing this public <br />improvement. <br /> <br />The motion for the adoption of the foregoing resolution was duly seconded <br />by Councilman Sorteberg and upon vote being taken thereon, the following <br />voted in favor thereof: <br /> <br />Mayor Game¢, Councilmen Sorteberg, Reimann and Cox <br /> <br /> <br />