HomeMy WebLinkAboutCity Council Resolution 1991-439CITY 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 Sth day
of August , 19 91 The following members were present:
Ma or Berom, Councilmembers Helliwell Ricker Vasiliou and Zitur
The following members were absent: None
Councilmember Zitur introduced the following Resolution and
moved its adoption:
RESOLUTION 91- 439
AUTHORIZING RELEASE OF SITE PERFORMANCE GUARANTEE FOR NORTHWOOD HOMES INC. FOR
PONDS NORTH LOCATED AT THE NORTHWEST CORNER OF 54th AVENUE NORTH AND NATHAN
LANE NORTH (87093)
WHEREAS, a Site Plan for Northwood Homes Inc. 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 a 16 letters of credit in the amount of $23,322 each; and,
WHEREAS, the City Council, under resolution 89-472, authorized the reduction
of five letters of credit to $3,500 each; and,
WHEREAS, the City Council, under resolution 89-651, authorized the reduction
of six letters of credit to $3,500 each; and,
WHEREAS, the City Council, under resolution 90-675, authorized the reduction
and consolidation of the 16 letters of credit to $82,937; and,
WHEREAS, the City Council, under resolution 90-785, authorized the reduction
of the letter of credit to $68,000; 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 in the amount of $68,000, which was submitted to
guarantee site improvements for Ponds North located at the Northwest corner of
54th Avenue North and Nathan Lane North.
The motion for adoption of the foregoing Resolution was duly seconded
by Councilmember Helliwell , and upon vote being taken thereon,
the following voted in favor thereof: Mayor Bergman, Councilmembers
Hej1jkm1j, Ricker, a iliou and Zitur
The tollowing voted against or abstained None
Whereupon the Resolution was declared duly passed and adopted.
(res/cc/87093)