HomeMy WebLinkAboutCity Council Resolution 1990-675CITY OF PL7 MOUTH
Pursuant to due call and notice thereof, a regular meeting of the
City Council of the City of Plymouth, Minnesota, Nag held on the 15th day of
October,, 1990 The following members were present: _mayor Berymn,
Cou_ncilmembers He31iwe ll. Ricker, Vasiliou. and Zitur
The following members were absent:_ None
Counnnilmnm e*' Ricker introduced the following Resolution and
moved its adoption:
RESOLUTION 90-675
AUTHORIZING REDUCTION OF SITE PERFORMANCE; GUARANTEES FOR NORTHWOOD HOMES, INC.
(87093)
WHEREAS, a Site Plan for Ponds North was approved under City Council
Resolution 87-786; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in
the form of 16 Letters of Credit in the amount of $23,322 each; and,
WHEREAS, the City Council, under Resolution 89-472, authorized the reduction
0 of 5 Letters of Credit to $3,500 each; and,
WHEREAS, the City Council, under Resoltion 89-651, authorized the reduction of
6 Letters of Credit to $3,500 each; 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 16 Letters of Credit in the amount of $155,110, which were submitted to
guarantee site improvements for Ponds North, to one consolidated Letter of
Credit in the amount of $82,937 which is for the remaining work throughout the
entire project per plans approved by the City.
The motion for adoption of the foregoing Resolution was duly seconded
by Cou_ncilMeM er Vasi7in„ , and upon vote being taken thereon,
the following voted in favor thereof: __Mayor Bergwn, Councilme_mhers
Helliwell, Ricker Vasiliou._and Zitur _
The following voted against ur abstained---Nome-
Whereupon
bstained_None
Whereupon the Resolution was declared duly passed and adopted.
(res/cc/87093)