Title
RESOLUTION AUTHORIZING AMENDMENT NO. 1 TO DEVELOPMENT AGREEMENT WITH CAPSTONE LLC MODIFYING BONDING REQUIREMENTS.
Body
CITY PROPOSAL:
RESOLVED, that the proper city officials are hereby authorized to enter into Amendment No. 1 to the Development Agreement with Capstone LLC, a Minnesota limited liability company (City contract No. 23281), to allow the Director of Planning and Construction Services to waive payment and performance bond requirements if the city is adequately protected and requiring a landscaping bond in certain circumstances.
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of this resolution is to authorize an amendment to the Development Agreement with Capstone LLC allowing the Director of Planning and Construction Services to waive payment and performance bond requirements in the original development agreement upon a determination that the City’s interests are adequately protected but to also allow him to impose a bonding requirement if he deems it necessary to make sure that landscaping requirements are met.