HomeMy WebLinkAboutCity Council Resolution 1986-667CITY 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 �W— day of October . 1986. The
following me-mbers sere ;lies-nt: Mayor Schneider—Z.o cilmembers ra n, asiliot7and
Zitur
e
fo lowing mem ers were a sent: Councilmember Sisk
Councilmember Crain introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 86-667
AUTHORIZING REDUCTION OF SITE IMPROVEMENT PERFORMANCE GUARANTEE FOR AIRPORT BUSINESS
PARTNERS (85008 MB)
WHEREAS, a Site Plan for Airport Business Partners, located at the corner of 23rd
Avenue North and Fernbrook Lane was approved under City Council Resolution No 85-222
and 85-221; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in the form of
a Letter of Credit in the amount of $171,000.00; and,
WHEREAS, the City Council under Resolution No. 85-897 authorized the reduction of the
Letter of Credit to $41,000.00; 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. 1438 in the amount of $41,000.00 which was submitted to guarantee site
Improvements for Airport Business Partners for property at the southwest corner of 23rd
Avenue and Fernbrook Lane, to $10,000.00.
The motion for adoption of the foregoing Resolution was duly seconded by
Councilmember Zitur , and upon vote being taken thereon, the follow ng
voted in favor thereof: ayor, neider, Councilmembers Crain, Vasiliou, and Zitur
The fo oif winq
voted against or abstained: none Whereupon the
Resolution was declared duly passed and adopted.