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Councilmember Cox introduced the following resolution and moved <br />for its adoption: <br /> <br />RESOLUTION # 86-168 <br /> <br />RESOLUTION RELATING TO THE RIVER'S BEND PLAT LETTER OF CREDIT <br /> <br /> WHEREAS, on August 31, 1984, the City of Ramsey entered <br />into a Development Agreement with River's Bend Properties, a <br />Minnesota Partnership, the developer of RIVER'S BEND plat; and <br /> <br /> WHEREAS, paragraph 6 of said Development Agreement <br />requires that the Developer provide the City with a Letter of <br />Credit in the amount of $260,000.00 in order to guarantee the <br />payment of the special assessments incurred for payment of the <br />improvements in the plat; and <br /> <br /> WHEREAS, the $260,000.00 Letter of Credit has been <br />supplied to the City in the form of Norwest Bank Central's <br />Irrevocable Standby Letter of Credit No. 30001 dated August 27, <br />t 985; and <br /> <br /> WHEREAS, by letter dated October 14, 1 986 , the <br />Developer, River's Bend Properties, has requested the City to <br />draw down on its original Letter of Credit in the amount of <br />$156,105.93, which draw-down sum will then be given to the <br />Developer and replaced by an additional Letter of Credit in favor <br />of the City from Norwest Bank Central in the amount of <br />$156,105.93. A copy of the Developer's request relating to this <br />draw down is attached to this Resolution as Exhibit "A"; and <br /> <br /> WHEREAS, the Developer states in its requesting letter <br />attached hereto as Exhibit "A" that the purpose of the draw down <br />is to provide cash for the Developer to pay its real estate taxes <br />including special assessment installment included therewith, <br />which payment is due October 15, 1986, all relating to the <br />Developer's properties located in RIVER'S BEND plat . <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br /> <br /> 1) That the City Administrator is authorized to <br />request of Norwest Bank Central a draw down on its Irrevocable <br />Standby Letter of Credit No. 30001 dated August 27, 1985 in the <br />amount of $156,105.93. <br /> <br /> 2) That simultaneously with said draw down request, <br />the City Administrator is authorized to give to the Developer the <br />said $156,105.93 in return for an Irrevocable Letter of Credit in <br />favor of the City in a form substantially similar to Norwest's <br />Irrevocable Letter of Credit No. 30001 , which new Letter of <br />Credit is to be in the amount of $156,105.93. <br /> <br />Resolution #86-168 <br /> <br />Page 1 of 2 <br /> <br /> <br />