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HomeMy WebLinkAbout07-22-82 CITY OF LAKEVILLE SPECIAL COUNCIL MEETING July 22, 1982 The meeting was called to order at 8:30 a.m, by Mayor Jen en. Roll call was taken. Present: Councilmembers Nelson,. Zaun, Bindt and Mayor Jensen. Absent:. Councilmember Enright. Also present: Roger Knutson., City Attorney; Patrick McGarvey, City Administrator/Clerk; James Robinette, Public Works Director. Mr. Roger Knutson presented two letters of credit received from the developers of the Argonne Park plat, the 35-50 Development Corporation. Mr. Knutson explained the purpose of the $400,000 letter of credit from the Richfield Bank and the $100,000 letter of credit-from the.. Burnsville Bank to guarantee that the'. developers will complete the public improve- ments satisfactorily. The mayor pointed out that the reason the special meeting was called is that the development agreement as previously approvod by the City Council requires a letter of-credit of 1000 of the construction costs, which in this case would mean the '!developers. would have a $400,-000 loan from the Richfield Bank plus a $400,000 letter of credit.. Under -the proposal being made, the City would have the fight to draw against the $400,000 loan money and approve any of the payments made by the bank for the developer from the $400,000. In-addition the City would have asecond letter of credit for $100,000. The City Attorney stated hat in hip opinion he felt the security was adequate. 82.330 Motion was made by Zaun, seconded by Nelson to approve an addendum to the development agreement with the 35-50 Development Corporation con- cerning the letters of credit and authorizing the mayor and clerk to execute the addendum. Roll call was taken on the motion. Ayes, Nelson, Jensen, Zaun, Sindt. 82.331 Motion was .made by Sindt seconded by Zaun to approve 35-50 Development. Corporation to begin grading on the Argonne Park plat for up to 14 days pending receipt of the executed $400,000 letter of credit from the Richfield Bank. Roll call was taken. on the motion. Ayes, Jensen, Zaun, Sindt, Nelson.. The meeting was adjourned by Mayor Jensen at 8:50 a.m. Respectfully submitted, s,' / ~ Patrick E. McGarv y, City Cl Robert Je en, Mayor