HomeMy WebLinkAboutCity Council Resolution 1987-359CITY 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 1St day of June . 1987. The
following members were present: Mayor Schneider, Councilmembers Crain, is _
Vasiliou and Zitur
following members were absent: none
Councilmember Sisk introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 87- 359
AUTHORIZING RELEASE OF SITE PERFORMANCE GUARANTEE FOR NATHAN LANE ASSOCIATES (85058)
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, the City Council under Resolution No. 86-664 authorized the reduction of the
Letter of Credit to $10,000.00; and,
WHEREAS, upon notice from the developer, City staff has inspected said site and
recommends release 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 release of the Letter of Credit
No. L1185 in the amount of $10,000.00 which was submitted to guarantee site
improvements for Nathan Lane Associates, located at 1045 Nathan Lane North.
The motion for adoption of the foregoing Resolution was duly seconded by
Councilmember Zitur , and upon vote being taken thereovi, the fo�loowing
voted in favor thereof: Magor Schneider, Councilmembdrs Crain, Sisk,
Vasiliou and Zitur The following
voted against or abstained: none Whereupon the
Resolution was declared duly passed and adopted.