HomeMy WebLinkAboutCity Council Resolution 1987-761CITY OF PLYMUM
Pursuant to due call and notice thereof, a Regular meeting of the Cit Council of the
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City of Plymouth, Minnesota, was held on the 16th day of Novmber , 1987. The
following members were present: Mayor Schneider, Councilmembers Vasi lou, Crain, and
Sisk The
following members were absent: Councilmember Zitur
Councilmember Sisk introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 87-761
AUTHORIZING REDUCTION OF SITE PERFORMANCE GUARANTEE FOR TIMBERTON COMPANY (83054)
WHEREAS, a Site Plan for Timberton Company, located at 15705 26th Avenue North was
approved under City Council Resolution No. 83-633; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in the form of
a Letter of Credit in the amount of $160,725.00; and,
WHEREAS, the City Council under Resolution No. 85-808 authorized the reduction of the
Letter of Credit to $120,000.00; 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. 1035 in the amount of $120,000.00 which was submitted to guarantee site
improvements for Timberton Company located at 15705 26th Avenue North to $70,000.00.
The motion for adoption of the foregoing Resolution was duly seconded by
Councilmember Vasiliou , and upon vote being taken thereon, the following
voted in favor thereof: 4 Ayes
he following
voted against or abstained: None Whereupon the
Resolution was declared duly passed and adopted.
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