HomeMy WebLinkAboutCity Council Resolution 1991-464CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a regular meeting of the
City Council of the City of Plymouth, Minnesota, was he d on the 19th day
of August 19 91 The following members were present:
Mavor Bergman, Councilmembers Helliwell and Ricker
The following members were absent: Councilmembers Vasiliou and Zitur
Councilmember Helliwell introduced the following Resolution and
moved its adoption:
RESOLUTION 91-464
AUTHORIZING RELEASE OF SITE PERFORMANCE GUARANTEE FOR WELSH CONSTRUCTION
(87131)
WHEREAS, a Site Plan for Vicksburg Apartments was approved under City Council
Resolution 88-188; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in
the form of a two letters of credit in the amount of $288,090 and $145,000;
and,
WHEREAS, the City Council, under resolution 90-109, authorized the reduction
in letter of credit number 73308 to $106,990 and letter of credit number 73309
(covering landscaping improvements) to $108,750; and,
WHEREAS, the City Council, under Resolution 90-671, authorized the release of
Letter of Credit #73308 in the amount of $106,990; 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 73309 in the amount of $108,750, which was
submitted to guarantee site improvements for Vicksburg Apartments.
The motion for adoption of the foregoing Resolution was duly seconded
by Councilmember Ricker and upon vote being taken thereon,
the following votea in favor thereof:
Ma or Berown, Cotmcilmembers Helliwell and Ricker
The following voted against or abstained None
Whereupon the Resolution was declared duly passed and adopted.