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CITY GF TdGRTH OZM,`.iTED
<br />. RESOLUTION NO.
<br />B?T x2;, 1....If4
<br />J
<br />RESQLIITION ,APPRUVING M REDUCTION UF SUItETY BONl7S FC?R THE
<br />INSTALLATI4N OF IMPRO E a.NTS BY OLMSTED GOLONY, INC., THE
<br />DEVF;IAPER, IN ITS SIIBDIVISI4NS 1 AND 2, AND DECLAKING AN
<br />EMGFUCY.
<br />WFIDREAS, Olmsted Colony, Inc., the develaper of lands lying westerly of
<br />McKenzie Road, adjacent to the Olmsted Township line, has, in the caurse of the
<br />development of its Subdivisions 1 and 2, posted surety bonds indemnifying th.e City
<br />for the installation of certai.n improvements in the subdivisions in accordance
<br />with the ordinances of this City, and
<br />Wf +', Cauncil ha.s determined that a substantial portion of the installation
<br />of said improvements, covered by said indemnifying bondst have been installed in
<br />accordance Gri.th the ordinances of this City and are found acceptable, and
<br />WHEREAS) it is the dqsir.e of this City, in addition to protecting future
<br />purchasers of property with„3l' subdivision that all of the requirements of this
<br />Uity ha,ve been mdt by the developer, to be of assistance to the developer, find
<br />it reasonable and desirable at t his time to pernait the reduction of the penal
<br />provisions of said bonds heretofore posted by the developer for 5ubdivisions 2 and
<br />l, so tha,t the bond of Subdivision 1 heretofore posted by Olmsted Colony, Inc.
<br />be reduced to a$4vOOO.QO i.ndemnifying amount an.d the surety for Subdivision 2 be
<br />reduced to the penal amount of $1I,000.001 protecting the City to the extent of the
<br />estimated cost of completing the izngrovements wi.thin sa3d subdivisions for the
<br />purpose of accepti.ng said subdivisions for dedication,
<br />NQW, THEREFORE, BE IT RL16ULVED by the Council of the City of North Glmsted,
<br />State of Qhiot
<br />Section l: That the surety bond of Qlmsted Colony, Inc. f'or Subdivision l,
<br />indemnifying the City for the cost of the improvements required by the developer in
<br />said subdivision, be reduced to the sum of $4lU00.00, which penal provision is
<br />deemed sufficient to secttre the completi6n of the necessary installation of the
<br />i.mprovements required therei.n by the devel.oper.
<br />Section 2s 7'hat the surety bond of Olmsted Colony, 1nc. for Subdivision 2,
<br />indemnifying the City for the cost of the improvements required by the developer
<br />in said subdivision, be reduced to the sum of $11,000.00, which penal provision is
<br />deemed sufficient to secure the completion af the necessary installation oF the
<br />improvements required therei.n b;,r the developer.
<br />Section 3s That the said developer and its surety, Ma,ryland Casualty Compn.n,y,
<br />are hereby authorized to substitute a new surety bond for Subdivision l, repla.cing
<br />the one originally posted herein, which change shall only be to the extent of the
<br />penal, provisionsiherein, which shall now be fixed at $49000.00, covering the comple-Gion
<br />of the i.mprovements req_uired to c,e installed by the developer, all in accordance with
<br />the ordinances of this City.
<br />Section 4: That the said developer and its suretyp Maryland Casualty Comp,??,
<br />are hereby authorized to substitute a new surety bond for Subdivision 2, replac-ing
<br />the one originally posted herein, which new bond shall have a penal provisian of
<br />$11,000.00 for the completion of the improvements therein required to be installed
<br />by the cleveloper, or in lieu of new bonds, said reduction may be by proper endoruement,
<br />deposited with the Ci-ty, attached to the original bonds, which will remain on deposit,
<br />subject to the new bonds or endorsement meeting with the approval of the Solicitor.
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