Res 2011- 83 Release Ltr of Credit Mendota Mall AssociatesI-TA - X11 I J- - FA LK 0 10 Q I -gym 0 J -10 10 1 - DKI Rim
RESOLUTION NO. 2011-83
RESOLUTION RELEASING A LANDSCAPE LETTER OF CREDIT
TO MENDOTA MALL ASSOCIATES, LLP
WHEREAS, the City of Mendota Heights entered into a developer's agreement
with Mendota Mall Associates, LLP for the redevelopment of the Mendota Plaza; and
WHEREAS, the developer's agreement required the developer to provide a letter
of credit equal to 150 percent the value of the proposed Phase I construction landscaping
located on Lots 1 and 2 of the Mendota Plaza Expansion; and
WHEREAS, Landscaping was completed in 2010 with warranty replacements
being provided in 2011; and
WHEREAS, the City of Mendota Heights staff has verified the landscaping and
the warranty replacements for the Phase I construction landscaping on Lots 1 and 2 of the
Mendota Plaza Expansion, has been completed.
NOW THEREFORE BE IT HEREBY RESOLVED, that the City Council of
j the City of Mendota Heights hereby releases Letter of Credit number NZS658124 dated
March 30, 2010, provided by Mendota Mall Associates, LLP; and
BE IT FURTHER RESOLVED, the City of Mendota Heights will require
Mendota Mall Associates, LLP, or its agents or its successors, to provide a Letter of
Credit to cover 150 percent of landscape installation costs, in accordance with the
developer's agreement, prior to issuance of building permits for any future construction
phases of the Mendota Plaza Expansion site, including lots 3 through 8.
Adopted by the City Council of the City of Mendota Heights this twentieth day of
September 2011.
ATTEST L___--Wndra
Mayor
I
Sandie Thone
City Clerk