HomeMy WebLinkAboutCity Council Resolution 1987-676CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a regular meeting of the City Council of the
Citv of Plymouth, Minnesota, was held on the 19th day of October 1987. The
followinq members were present: Mayor Schneider, Councilmembe.rs Vasiliou, Zitur,_
Crain and Sisk The
followinq members were absent: None
CounciIMember =iter introduced the followinq Resolution and moved its
adoption:
RFSOL111ION NO. 87-070
AUTHORIZING REDUCTION OF SITE PFRFORMANCF C,UARANTIE FOR BFGIN CONSTRUCTION FOR
COTTONWOOD PLAZA (86124)
WHEREAS, a Site Plan for Beqin Construction, for Cottonwood Plaza located at 3900
Vinewood Lane was approved under City Council Resolution No. 87-94; and
WHEREAS, the developer submitted the required site performance quarantee in the form of
a Letter of Credit in the amount of $490,600; and
WHEREAS, upon notice from the developer, City staff has inspected said site and
recommends reduction of the financial quarantee:
NOW, THEREFORE, BE IT HEREBY RESO'_VED BY THF CITY COUNCIL OF THF CITY OF PLYMOUTH,
MINNESOTA, that it should and hereby does authorize that the reduction of the Letter of
Credit Number 5372 in the amount of $490,600 which was submitted to guarantee site
improvements for Begin Construction for Cottonwood Plaza located at 3900 Vinewood Lane
to $266,000.00.
The motion for adoption of the foreqoinq Resolution was duly seconded by
Councilmember Sisk , and upon vote being taken thereon, the followinq
voted in favor thereof: Mayor Schneider Councilmembers Vasiliou, Zitur, Crain
and Sisk The following
voted against or abstained: None Whereupon the
Resolution was declared duly passed and adopted