HomeMy WebLinkAboutCity Council Resolution 1986-608CITY 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 ZYth day of September . 1986. The
following members were present: Mayor Schneider, ouncilmembers Crain, Sisk,Va—STliou
and Zitur The
following ers were sent: none
Councilmem',er Zitur introduced the following Resolution and moved its
adoption:
RESOLUTION IJO. 86-608
AUTHORIZING RELEASE OF SITE PERFORMANCE GUARANTEE FOR LYNDALE TERMTNAL COMPANY FOR
HOLIDAY PLUS (83025)
WHEREAS, a Site Plan for Lyndale Terminal Company for Holiday Plus located at 4445
Nathan Lane was approved under City Council Resolution No. 83-354; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in the form a
of a Treasury Note in the amount of $513,520.72; and,
WHEREAS, under City Council Resolution No. 84-874, the City Council reduced this
guarantee to $40,000.00; and,
. WHEREAS, under City Council Resolution No. 86-570, the guarantee was further reduced to
$13,520.72; and,
WHEREAS, City staff has re -inspected the site and recommends release of the financial
guarantee;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE C11Y OF PLYMOUTH,
MINNESOTA, that it should and hereby does authorize the release of the financial
guarantee in the amount of $13,520.72, which was submitted to guarantee site
improvements for Lyndale Terminal Company for Holiday Plus, located at 4445 Nathan
Lane.
The motion for adoption of the foregoinq Resolution was duly seconded by
Councilmember Sisk "and upon vote being taken thereon, the follow ng
voted in favor thereof: —Mayor Schneider, Councilmembers Crain Sisk, Vasiliou and
Zitur 1he rollowing
voted against orabstained: none Whereupon the
Resolution was declared duly passed an, a opte