HomeMy WebLinkAboutCity Council Resolution 1987-478CITY 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 )()tll day of ,July , 1987. The
following members were present: Mayor Schneider, Councilmembers Crain, -- iter, _
jagiligm and Sisk
the
following members were absent: hone
Councilmember Sisk introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 87-478
AUTHORIZING REDUCTION OF SITE PERFORMANCE GUARANTEE FOR INTRA FINANCIAL CORPORATION FOR
PLYMOUTH PONDS APARTMENTS (86050)
WHEREAS, a Site Plan for Intra Financial Corporation for Plymouth Ponds Apartments
located at the northwest corner of Nathan Lane and 45th Avenue North, was approved
under City Council Resolution No. 86-317; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in the form of
two Letters of Credit in the amounts of $20,100.00 and $73,117.00; and,
WWREAS, 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. 16720025 in the amount of $73,117.00 and Letter of Credit No. 1620024 in the
amount of S20,100.00 which were submitted to guarantee site improvements for Intra
Financial Corporation for Plymouth Ponds Apartments located at the northwest corner of
Nathan Lane and 45th Avenue North, to $21,677.00 and $10,000.00 respectively.
The motion for adoption of the foregoing Resolution was duly seconded by
and upon vote being taken thereon, the following
voted In favor thereof; oyer Schneider, Councilmembers Crain, Zitur. Vasiliou and
The following
voted against or abstained:— NnnP hereupon the
Resolution was declared duly passed and adopted.