HomeMy WebLinkAboutCity Council Resolution 1988-011CITY OF PLYMOUTH
Pursuant to due call and notice thereof, are u��lar meeting of the City Council of the
City of Plymouth, Minnesota, was held on the -4th day of January , 1988. The
following members were present: Mayor Schne ei-rr-,- ounctime ers Vasiliou, Ricer,
Zitur and Sisk ThF
following mem ers were absent: gone
Counclimember Sisk introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 88-11
AUTHORIZING REDUCTION OF SITE PERFORMANCE GUARANTEE FOR BEGIN CONSTRUCTION FOR
COTTONWOOD PLAZA (86124)
WHEREAS, a Site Plan for Begin Construction for Cottonwood Plaza, located at 3901
Vinewood Lane was approved under City Council Resolution No. 87-94; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in the form of
a Letter of Credit in the amount of $490,600.00; and,
WHEREAS, the City Council under Resolution No. 87-676 authorized the reduction of the
Letter of Credit to $266,000.00 with respect to site improvements; and,
WHEREAS, upon notice from the developer, City staff has inspected said site and
recommends further reduction of the financial guarantee relative to site improvements;
and,
WHEREAS, this guarantee is for site improvements only, as specified in the approved
Site Improvement Performance Agreement and does not cover subdivision improvements for
which a separate guarantee is required as specified in the approved Development
Contract for Cottonwood Plaza;
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. 5372 in the amount of $266,000.00 which was submitted to guarantee site
Improvements for Begin Construction Company for Cottonwood Plaza to $90,000.00.
FURTHER, the reduction is authorized only upon receipt of a financial guarantee which
Is in an amount appropriate to cover remaining subdivision improvements as specified in
the Development Contract for Cottonwood Plaza.
The motion for adoption of the foregoing Resolution was duly seconded by
Councilmember Zitur 'and upon vote being taken thereon, the o ow nq
vote n favor t ereo a or Schneider, Councilmembers Vasiliou, Ricker, Zitur and
Sisk the following
voted against or abstained: None Whereupon the
Resolution was declared duly passed and adopted.