HomeMy WebLinkAboutCity Council Resolution 1991-505CITY 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 4th day
of September , 19 91 The following members were present:
Mayor Bergman. Councilmembers Helliwell,
The following members were absent: None
Councilmember Ricker _ introduced the following Resolution and
moved its adoption:
RESOLUTION 91- 505
AUTHORIZING REDUCTION OF SITE PERFORMANCE GUARANTEE FOR CSM CORPORATION FOR
BASS LAKE HILLS TOWNHOMES (88060)
WHEREAS, a Site Plan for Bass Lake Hills Townhomes located at the southeast
corner of I-494 and County Road 41 was approved under City Council Resolution
89-291; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in
the form of a Letter of Credit in the amount of $823,388; and,
WHEREAS, the City Council, under Resolution 89-805, authorized the reduction
of the Letter of Credit to $340,000; and,
WHEREAS, the City Counil, -nder Resolution 91-06, authorized the reduction of
the Letter of Credit to $206,473; 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 a $154,855
reduction of the Letter of Credit # 11515 which was submitted to guarantee
site improvements for Bass Lake Hills Townhomes to a new total guarantee of
$51,618.
The motion for adoption of the foregoing Resolution was duly seconded
by Councilmember Ricker , and upon vote being taken thereon,
the following voted in favor thereof: Mayor Bergman, Councilmembers Helliwell,
Ricker Vasiliou and Zitur _
The following voted against or abstained None
Whereupon the Resolution was declared duly passed and adopted.
(res/cc/88060:dh)