HomeMy WebLinkAboutCity Council Resolution 1988-010CITY 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 4th day of Januar , 1988. The
following members were present: Mayor Schne ei –r— ouncilme ers Vasillou. RicWe ,
Zitur and Sisk --Tge–
?ollowing members were absent: None
Councilmember Sisk introduced the following Resolution and moved its
adopt on:
RESOLUTION NO. 88-10
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
a Letter of Credit in the amount of $125,962.00; and,
WHEREAS, upon notice from the developer, City staff has inspected said site anal
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. 16200090 in the amount of $125,962.00 which was 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 $30,000.00.
The motion for adoption of the foregoing Resolution was duly seconded by
Councilmember Zitur , and upon vote being taken thereon, the follow nq
voted In favor thereof: yor, neider, Councilmembers Vasiliou, Ricker, Zitur and
Sisk eo ow nq
voted against or abstained: None Whereupon the
Resolution was declared duly passed and adopted.