HomeMy WebLinkAboutCity Council Resolution 1984-670CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a special meeting of the City Council of
the City of Plymouth, Minnesota, was held on the 24th day of September . 1984.
The following members were present: Mayor Davenport, Councilmembers Moen, Nei s, —
were assent:
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Councilmember Crain introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 84- 670
AUTHORIZING RELEASE OF SITE PERFORMANCE GUARANTEES FOR MINNEAPOLIr AUTO AUCTION (82061)
WHEREAS, a Site Plan for Minneapolis Auto Auction located at 1125 Nathan Lane was
approved under City Council Resolution No. 83-8; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in the form of
a Letter of Credit in the amount of $18,300.00; and,
WHEREAS, the City Council on October 17, 1983, per Resolution No. 83-568 authorized the
reduction of the Letter of Credit to $10,000.00; and,
WHEREAS, the developer submitted $15,000.00 to be put in an escrow account on May 5,
1976 to accrue interest at a rate of 5.25%; and,
WHEREAS, upon notice from the developer, City staff has inspected said site and
recommends release of the Letter of Credit; and,
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA, that it should and hereby does authorize the release of these guarantees
which were submitted to guarantee site improvements for Minneapolis Auto Auction
located at 1125 Nathan Lane; and,
FURTHER, be it resolved that it should and hereby does authorize the payment from the
Deposits Payable Account No. 101-285.
The motion for adoption of the foregoing Resolution was duly seconded by
Councilmember Moen , and upon vote being taken thereon, the
allowing voted in favor thereof: Mayor Davenport, Councilmembers Moen, Neils,
and Crain
The following voted against or abstained: none
Whereupon the Resolution was declared duly passed and adopted.