HomeMy WebLinkAboutCity Council Resolution 1992-503CITY OF PLYMOUTH
RESOLUTION 92-503
AUTHORIZING REDUCTION OF SITE PERFORMANCE GUARANTEE FOR KELLY INNS LTD.
LOCATED AT 2705 ANNAPOLIS LANE NORTH (91095)
WHEREAS, a Site Plan for Kell; inns was approved under City Council Resolution
91-722; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in
the form of a Letter of Credit in the amount of $21,000; 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 $19,800
reduction of the Letter of Credit #41 which was submitted to guarantee site
improvements for Kelly Inns to a new total guarantee of $1,200.
Adopted by the City Council on August 31, 1992