HomeMy WebLinkAboutCity Council Resolution 1982-042CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a re ular meeting of the City Council
of the City of Plymouth, Minnesota, was held on t e 18thday of January ,
19 82. The following members were present:Mayor Davenport, Counci mem ers
�o tom, Moen, Schneider and Threinen
The following members were a sent: none
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Councilmember Moen introduced the following Resolution and moved its
adoption:
RESOLUTION NO, 82- 42
AUTHORIZING REDUCTION OF LETTER OF CREDIT FOR BANCO PROPERTIES INC. (80036)
WHEREAS, a site plan for Banco Properties Inc. was approved for development at
Fernbrook Lane and State Highway No. 55 under City Council Resolution no. 80-552;
and,
WHEREAS, the developers submitted a Letter of Credit as a site performance guarantee
in the amount of $145,354; and,
WHEREAS, upon request of the developer City staff has inspected said site and
recommends reduction of the bond;
.NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA, that it should and hereby does authorize the reduction of Letter of Credit
no. 80-142 in the amount of $145,354 which was submitted to guarantee site improve-
ments for the Banco Properties Inc. at Fernbrook Lane and State Highway No. 55 to
$10,000.
The motion for adoption of the foregoing Resolution was duly seconced by
Councilmember Threinen , and upon vote being taken thereon, the-To-TI—owing
voted in favor thereof: Mayor Davenport, Councilmembers Hoyt, Moen, Schneider
and Threinen
The following voted against or abstained: none
Whereupon the Resolution was declared duly passe -and s opts .