HomeMy WebLinkAbout81-044 CITY OF LAKEVILLE
RESOLUTION
;Date June 29,.'.1981 Resolution No. 81-44
Motion by Spande Seconded, by Sindt
RESOLUTION AUTHORIZING TRANSFER FROM ESCROW FUND TO PARK
IMPROVEMENT FUND CONCERNING CE'DA3,2 HIGHLANDS PLAT
WHEREAS, a development contract dated November 4, 1977 between.
the City of Lakeville and Mutual Land Development Comp~.ny concerning
Cedar Highlands. Addition does exist; and ,
WHEREAS, Section 10 (b}(1),states, "A $3,000.OQ installment shall
be made prior to the final ;platting of each of Phases 1 2, 3 and.4 of
Cedar Highlands.. If ..the Developer .:receives 'final plat approval fore .Phase
5 (which contains the land to be dedicated to the City as a dark) prior
to January. 1, 1981, the City shall refund the escrowed money,:without
interest, to the Developer. If the Developer fails to ,receive final
plat approval .for Phase 5 prior to January 1981,.the City mayperma-
nently retain said escrow money in lieu of the park land dedication for
the previously platted phases."; and
WHEREAS, the City received $6,000.00 on November 7, 1977 from
Mutual. Land which was deposited into the Escrow Fund; and
.WHEREAS, the Escrow account has earned $2,601.33 in interest.
.NOW, THEREFORE, BE IT RESOLVED by the City.. Council of the City
of Lakeville tYiat the'.$6,000.00 park dedication money and the $2,601.33
interest earnings .held in the .Escrow Fund. for, Cedar Highlands shall be
transferred'.to'the'Park Development`Fund.
APPROVED AND.ADOPTED by 'the City Council of the City of Lakeville,
Minnesota, thin 29th day of June , 1981..
CITY OF LAKEVILLE
Gordon Lekso ,'Mayor
ATTEST:
_ ` 1'~
v'
.Patrick E. McGarvey, City Clerk