Resolutions-2005-26

CITY 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 the City of 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 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 19th day of October, 2004, 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 LETTER OF CREDIT IN LIEU OF A PERFORMANCE BOND FOR TIMBER RIDGE VIEW PHASE ONE, A SUBDIVISION OF TIFFIN,