HomeMy WebLinkAboutCity Council Resolution 1991-659CITY OF PLYMOUTH
RESOLUTION 91-659
AUTHORIZING REDUCTION OF SITE PERFORMANCE GUARANTEE FOR INDEPENDENT SCHOOL
DISTRICT 284 (WAYZATA) FOR KIMBERLY LANE ELEMENTARY SCHOOL (90031)
WHEREAS, a Site Plan for Independent School District 284 for Kimberly Lane
Elementary School was approved under City Council Resolution 90-338; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in
the form of a Commercial Paper in lieu of cash or bond in the amount of
$719,492; 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 $699,112
reduction of the Commercial Paper which was submitted to guarantee site
improvements for Independent School District 284 for Kimberly Lane Elementary
School to a new total guarantee of $20,380.
Adopted by the City Council on October 21, 1991.
(res/cc/90031:jw)