HomeMy WebLinkAboutCity Council Resolution 1988-701CITY 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 17th day
Of October, 19.$_ The following members were present:
Mayor Schn i d r , Cnunrjlmigmhg Vasi 1 i o i -Rim- 7.i tur and si sk
The following members were absent: Nnnv
Councilmember Ricker introduced the following Resolution and
moved its adoption:
RESOLUTION 88-701
AUTHORIZING REDUCTION OF SITE PERFORMANCE GUARANTEE FOR OTTO BOCK (87054)
WHEREAS, a Site Plan for Otto Bock located at 3000 Campus Drive was approved
under City Council Resolution Number 87-427; and,
WHEREAS, the Developer submitted the required Site Performance Guarantee in
the form of a letter of credit in the amount of $172,500; 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, that it should and hereby does authorize the reduction of the letter
of credit No. 6150 in the amount of $172,500 which was submitted to guarantee
site improvements for Otto Bock located at 3000 Campus Drive to $25,000.
The motion for adoption of the foregoing Resolution was duly seconded
by Councilmemher 7.itur , and upon vote being taken thereon,
the following voted in favor thereof: Mayor Schneider. Councilmemhers
Vanilinn- Ricker, 7.itur and Risk
The following voted against or abstained_ _ None
Whereupon the Resolution was declared duly passed and adopted.