HomeMy WebLinkAboutCity Council Resolution 1986-664CITY OF PLYMOUTH
• Pursuant to due call and notice thereof, a _regular meeting of the City Council of the
City of Plymouth, Minnesota, was held on the 6th day of October . 1986. The
following members were present: Mayor Schneider,Zouncilmembers Crain,asiliou, and
Zitur
The
following mem ers were absent: Councilmember s
Councilmember Crain introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 86-664
AUTHORIZING REDUCTION OF SITE IMPROVEMENT PERFORMANCE GUARANTEE FOR NATHAN LANE
ASSOCIATES (85056)
WHEREAS, a Site Plan for Nathan Lane Associates located at 1045 Nathan Lane, was
approved under City Council Resolution No 85-572; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in the form of
a Letter of Credit in the amount of $101,800.00; and,
WHEREAS, upon notice from the developer, City staff has inspected said site and
recommends reduction of the Financial Guarantee;
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 the Letter of
Credit No. L1135 in the amount of $101,800.00 which was submitted to guarantee site
improvements for Nathan Lane Associates at 1045 Nathan Lane, to $10,000.00.
The motion for adoptioi of the foregoing Resolution was duly seconded by
Councilmember Zitur , and upon vote being taken thereon, the o ow nq
voted In favor thereof: ayor Schneider, Councilmembers Crain, Vasiliou, and Zitur
The o ow nq
voted against or abstained: none Whereupon the
Resolution was declared duly passecl and a opte .