HomeMy WebLinkAboutCity Council Resolution 1988-484CITY 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 theday of August , 1988. The
following members were present: Mayor Schneider, Croimcilmembers asiliou, Ricker,
Zitur and Sisk The
following members were absent: None
Councilmember Sisk introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 88-484
AUTHORIZING REDUCTION OF SITE PERFORMANCE GUARANTEE FOR STUART CORPORATION FOR
"SUMMERPLACE" APARTMENTS (86014)
WHEREAS, a Site Plan for Stuart Corporation for "Summerplace" apartments, located at
15300 37th Avenue North was approved under City Council Resolution No. 86-188; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in the form of
a Letter of Credit in the amount of $262,800.00; and,
WHEREAS, the City Council, under Resolution No. 87-71 approved the reduction of the
Letter of Credit to $147,800.00; and,
WHEREAS, the City Council, under Resolution No. 87-532, approved the reduction of the
Letter of Credit to $20,000.00; 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. P-244 in the amount of $20,000.00 which was submitted to guarantee site
Improvements for Stuart Corporation for "Summerplace" apartments located at 15300 37th
Avenue North, to $5,000.00.
The motion for adoption of the foregoing Resolution was duly seconded by _
Councilmember Zitur , and upon vote being taken thereon, the o owing
voted in favor thereof: Mayor Schnelder Councilmembers Vasiliou Ricker
Zitur and Sisk The following
voted against or abstained: None Whereupon the
. Resolution was declared duly passed and adopted.