HomeMy WebLinkAboutCity Council Resolution 1988-014CITY OF PLYMOUTH
P•' 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 Januarx 1988. The
following members were present: Mayo
Schne eid r �ouncilme ers as ou, Ricer,
Zitur and SiskThe
follUing members were absent: None
Councilmember Sisk introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 88-14
AUTHORIZING RELEASE 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 two Letters of Credit in the amount of $20,100 and $73,117.00; and,
WHEREAS, the City.Council under Resolution No. 87-478 authorized the reduction of these
Letters of Credit to $21,677.00 and $10,000.00; and,
WHEREAS upon notice from the developer, Cit staff h n
p p , y sta as inspected said site and
recommends release of the financial guarantees;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA, that it should and hereby does authorize the release of the Letter of Credit
No. 16720025 in the amount of $21,677.00 and Letter of Credit No. 1620024 In the amount
of $10,000.00 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.
The motion for adoption of the foregoing Resolution was duly seconded by
Councilmember Zitur , and upon vote being taken thereon, the follow ng
vote n avor —thereof: or 5chnelder, Councilmembers Vasillou, Ricker, Zitur
and Sisk The following
voted against or abstained: ne Whereupon the
Resolution was declared duly passed and adopted.