HomeMy WebLinkAboutCity Council Resolution 1988-702CITY 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_88 The following members were present:
Mayor SchnPidPr. rnjmrilmpmherc Vaci1jr%ii linker, Zitur ZBd Sick
The following members were absent: None
Councilmember Ricker introduced the following Resolution and
moved its adoption:
RESOLUTION 88-702
AUTHORIZING REDUCTION OF SITE PERFORMANCE GUARANTEE FOR INTRA FINANCIAL
CORPORATION (86050)
WHEREAS, a Site Plan for Intra Financial Corporation located at the northwest
corner of 45th Avenue North and Nathan Lane was approved under City Council
Resolution Number 86-317; and,
WHEREAS, the Developer submitted the required Site Performance Guarantee in
the form of a bond in the amount of $125,962.00; and,
WHEREAS, the City Council under Resolution Number 88-010 authorized the
reduction of the financial guarantee to $30,000.00; 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 Number 16200090 in the amount of $30,000.00 which was
submitted to guarantee site improvements for Intra Financial Corporation
located at the northwest corner of 45th Avenue North and Nathan Lane to
$15,000.00.
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: Mayos Schneider. Councilmembers
Vasiliou, Ricker. Zitur and Sisk
The following voted against or abstained None
Whereupon the Resolution was declared duly passed and adopted.