HomeMy WebLinkAboutCity Council Resolution 1987-532CITY 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_�TFi day of August , 1987. The
following members were present: Mayor Schneider, =ouncilmembers VasIllou, Zitur
and Sisk
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following me ers were absent: Councilmember Crain
Councilmember Sisk Introduced the following Resolution and moved Its
adoption:
RESOLUTION NO. 87-532
AUTHORIZING REDUCTION OF SITE PERFORMANCE GUARANTEE FOR STUART CORPORATION (86014)
WHEREAS, a Site Plan for Stuart Corporation, located at 15300 37th Avenue North, was
approved under City Council Resolution No. 86-188; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in the form of
a Letter of Credit In the amount of $262,800.00; and,
WHEREAS, the City Council under Resolution No. 87-51 authorized the reduction of the
Letter of Credit to $147,800.00; 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. P1180 in the amount of $147,800.00 which was submitted to guarantee site
Improvements for Stuart Corporation, at 15300 37th Avenue North, to $20,000.00.
The motion for adoption of the foregoing Resolution was duly seconded by
Councilmember Zitur , and upon vote being taken thereon, the following
voted In favor thereof: ayor Schneider, Councilmembers Vasiliou, Zitur and Sisk
eo owing
voted against or abstained: None Whereupon the
Resolution was declared duly passed and adopted.