HomeMy WebLinkAboutCity Council Resolution 1990-656CITY 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 75t day of
October, 1940 The following members were present: Mayor Bergman.
Councij mow+ era Helliwell, Ricker Vasiliou,_And Zitur
The following members were absent: — None
COunn"M mher Ricker .,.__ ._. introduced the following Resolution and
moved its adoption:
RESOLUTION 90-656
AUTHORIZING RELEASE OF SITE PERFORMANCE GUARANTEE FOR UNITED PROPERTIES, INC.
(87110)
WHEREAS, a Site Plan for Mallard Pointe Apartments, located at 19th Avenue
North and Niagara Lane, was approved under City Council Resolution 88-77; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in
the form of a Letter of Credit in the amount of $900,000; and,
WHEREAS, the City Council, under Resolution 88-627, authorized the reduction
of this Letter of Credit to $414,000; and,
WHEREAS, the City Council, under Resolution 89-424, authorized reduction of
the Letter of Credit to $112,500; 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 #SB6908 in the amount of $112,500.00, which was submitted
to guarantee site improvements for Mallard Pointe Apartments.
The motion for adoption of the foregoing Resolution was duly seconded
by Councilmemher Vasiliou, and upon vote being taken thereon,
the following voted in favor thereof: Mayor Bergman, Counc+�*n�+�}+ers
Belliwell� Ricker__Vasiliou,r1d_Zits3�-._._--____--__------`--___ _----- _ .
The following voted against or abstained— None
Whereupon the Resolution was declared duly passed and adopted.
(res/cc/87110)