HomeMy WebLinkAboutCity Council Resolution 1988-627CITY 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 3rd day of October,
19-9-8— The following members were present: Mayor Schneider,
Councilmembers Vasiliou, Ricker, Zitur and Sisk
The following members were absent: None
Councilmember Sisk introduced the following Resolution and moved
its adoption:
RESOLUTION 88-627
AUTHORIZING REDUCTION OF SITE PERFORMANCE GUARANTEE FOR UNITED PROPERTIES FOR
MALLARD POINTE (87.10)
WHEREAS, a Site Plan for United Properties for Mallard Pointe located northwest of
Eighteenth Avenue North and Niagara Lane was approved under City Council Resolution
No. 88077; and,
WHEREAS, the developer s0mitted the required Site Performance Guarantee in the form
of a Letter of Credit isi the amount of $912,000; and,
WHEREAS, upon notice from the developer, City staff has inspected said site and
recommends reduction 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 reduction of the Letter of
Credit Number SB 6908 in the amount of $912,000 which was submitted to guarantee
site improvements for United Properties for Mallard Pointe located northwest of
Eighteenth Avenue North and Niagara Lane to $414,000.
The motion for adoption of the foregoing Resolution was duly seconded by
Councilmember Zitur , and upon vote being taken thereon, the
following voted in favor thereof: Mayor Schneider, Councilmembers Vasiliou,
Ricker, Zitur and Sisk The
following voted against or abstained None Whereupon
the Resolution was declared duly passed and adopted.