HomeMy WebLinkAboutCity Council Resolution 1988-633CITY 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 88 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 88-633
AUTHORIZING REDUCTION OF SITE PERFORMANCE GUARANTEE FOR FRANCHISE ASSOCIATES, INC.,
FOR ARBY'S RESTAURANT (85096)
WHEREAS, a Site Plan for Franchise Associates, Inc., for Arby's Restaurant located
at 14420 28th Place North was approved under City Council Resolution No. 85-810;
and,
WHEREAS, the developer submitted their required Site Performance Guarantee in the
form of a Letter of Credit in the amount of $35,072; and,
WHEREAS, the City Council under Resolution No. 86-425 approved the reduction to
$5,000; and,
WHEREAS, upon notice from the developer, City staff has inspected said site and
recommends release 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 release of the Letter of
Credit Number 598 in the amount of $5,000, which was submitted to guarantee site
improvements for Franchise Associates, Inc., for Arby's Restaurant, located at 14420
28th Place North.
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.