HomeMy Public PortalAboutResolutions-2005-26CITY OF TIFFIN IOWA RESOLUTION NO. 2005- 26
A RESOLUTION'APPROVING AN IRREVOCABLE LETTER OF CREDIT IN
LIEU OF A PERFORMANCE BOND FOR TIMBER RIDGE VIEW PHASE
ONE, A SUBDIVISION OF TIFFIN, JOHNSON COUNTY, IOWA - '
WHEREAS, LDR Iowa City, L.L.C., hereinafter referred to as Subdivider, has filed
with the City Clerk of theCityof Tiffin, Iowa, an application for approval of the final plat of
Timber Ridge View, a subdivision of Tiffin, Johnson County, Iowa,
AND WHEREAS, the City of Tiffin Subdivision Ordinance requires security for
completion of infrastructure prior to approval of a final plat;
AND WHEREAS, the City Engineer has examined the project and estimated the
cost of the infrastructure yet to be completed; ,
AND WHEREAS, the City Attorney has examined the draft Irrevocable Letter of
Credit issued by Central State Bank of Elkader in favor of the City of Tiffin on behalf of
subdivider LDR Iowa City, L.L.C. and has approved of the draft on behalf of the City;
-AND WHEREAS, it is the interest of the City to approve the final plat upon,o-
execution of the Irrevocable Letter and submission of the other required subdivision
documents;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of Tiffin, Iowa, that
it hereby accepts the Irrevocable Letter of Credit issued by Central State Bank of Elkader in
lieu of a performance bond and authorizes the use of the Letter in conjunction with the
terms and conditions required for approval of the final plat of Timber Ridge Subdivision,
Part 1.
ON THE 19tly of October, 2002 04 at a special
(regular/special)
meeting of the Tiffin City Council, Tiffin, Iowa, Councilperson Gericke
introduced A RESOLUTION APPROVING AN IRREVOCABLE LETTER OF
CREDIT IN LIEU OF A PERFORMANCE BOND FOR TIMBER RIDGE VIEW
PHASE ONE, A SUBDIVISION OF-TIFFIN, JOHNSON COUNTY, IOWA, and
made a motion for approval. The motion was seconded by Councilperson
Dils
Ayes: Dils,DeMuth, Petersen,` Gericke and Bartels
Nays: None.
Motion carried.
WHEREUPON, the Mayor declared that the `RESOLUTION APPROVING THE AN
IRREVOCABLE LETTEROF CREDIT IN LIEU OF A PERFORMANCE BOND
FOR TIMBER RIDGE VIEW PHASE ONE, A SUBDIVISION OF TIFFIN,
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2005-26
JOHNSON COUNTY, IOWA, be adopted and signified his approval of the same by
affixing his signature thereto. `
PASSED, by the Council on the 19th day of October 2005, and approved by the Mayor on
the 19th day of October 2005.
CITY OF TIFFIN
z
By:
Glen R. Potter, Mayor
_ATTEST:
Marg/ r t B Reihman, itClerk
i/
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S:\Clients\Cities\Tiffin\SUBDIVISIONS\TIMBER RIDGE VIEW 198\Reso Aprrov Irrevocable Ltr Creditdoc
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