HomeMy WebLinkAboutCity Council Resolution 1991-064CITY or PLMKMR
Pursuant to due call and notice thereof, a aDecial meeting of the
City Council of the City of Plymouth, Minnesota, was held on the $$�h day of
January,, 1991. The following members were present: Mayor Bergman_
Councilmembers Helliwell, Ricker, and Vaailiou
The following members were absent: Gou_nciL•m1+�r Zitur
Councilmember Vaailiou introduced the following Resolution and
moved its adoption:
RESOLUTION 90-64
AUTHORIZING REDUCTION OF SITE PERFORMANCE GUARANTEE FOR MIDWEST BRICK (87064)
WHEREAS, a Site Plan for Midwest Brick located at the northwest corner of 51st
Avenue North and 169 was approved under City Council Resolution 87-516; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in
the form of a letter of credit in the amount of $225,000; and,
WHEREAS, the City Council, under Resolution 88-12, authorized the reduction of
the letter of credit to $55,000; and,
WHEREAS, the City Council, under Resolution 89-75, authorized the reduction of
the --,,'-ter of credit to $20,000; and,
WHEREAS, the City called on the letter of credit and deposited the $20,000
financial guarantee in a cash escrow account with the City on November 1,
1990; 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 cash escrow for site improvements at Midwest Brick from $20,000 to $5,000.
The motion for adoption of the foregoing Resolution was duly seconded
by Councilmomber Helliwell , and upon vote being taken thereon,
the following voted in favor thereof: -Mayor Bergman, Councilmembers
Hal- swell, Ricker, and Vasiliou
The following voted against or abstained None
Whereupon the Resolution was declared duly passed and adopted.