HomeMy WebLinkAboutCity Council Resolution 1988-709CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a rngnlar meeting of the
City Council of the City of Plymouth, Minnesota, was held on the 17th day
of Octoher, 19_ajL The following members were present:
Mayor Srhneider- .nnnrilmPmh c Vacilinii- Ricker, 7.i_tnr and Sisk
The following members were absent: NinnP
Counrilmemlaer Ricker introduced the following Resolution and
moved its adoption:
RESOLUTION 88-709
AUTHORIZING RELEASE OF SITE PERFORMANCE GUARANTEE FOR STUART CORPORATION
(86014)
WHEREAS, a Site Plan for Stuart Corporation 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; and,
WHEREAS, the City Council under Resolution No. 87-51 authorized the reduction
of the letter of credit to $147,800; and,
WHEREAS, the City Council under Resolution No. 87-532 authorized the reduction
of the letter of credit to $20,000; 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 P 1244 in the amount of $20,000 which was
submitted to guarantee site improvements for Stuart Corporation located at
15300 37th Avenue North.
The motion for adoption of the foregoing Resolution was duly seconded
by Counrilmemher 2_itur and upon vote being taken thereon,
the following voted in favor thereof: Mayor Schneider. Councilmembers
Vasi 1 i o a _ Ricker.Zitur and Sisk
The following voted against or abstained crone
Whereupon the Resolution was declared duly passed and adopted.