HomeMy WebLinkAboutCity Council Resolution 1991-760CITY OF PLYMOUTH
RESOLUTION 91-760
AUTHORIZING RELEASE OF SITE PERFORMANCE GUARANTEE FOR GREENLAND INVESTMENT FOR
MIDWEST BRICK LOCATED AT THE NORTHWEST CORNER OF 51ST AVENUE NORTH AND HIGHWAY
169 (87064)
WHEREAS, a Site Plan for Midwest Brick was approved uneer 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, authorizied a reduction of
the Letter of Credit to $55,000; and,
WHEREAS, the City Council, under Resolution 89-75, authorized a reduction of
the Letter of Credit to $20,000; and,
WHEREAS, the City Council 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, the City Council, under Resolution 91-64, authorized a reduction of
the cash to $5,000; 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 cash in the amount of $5,000, which was submitted to guarantee site
improvements for Midwest Brick.
Adopted by the City Council on December 2, 1991
(res/cc/87064)