HomeMy WebLinkAboutCity Council Resolution 1992-561CITY OF PLYMOUTH
RESOLUTION 92-S61
AUTHORIZING REDUCTION OF SITE PERFORMANCE GUARANTEE FOR FRANCHISE ASSOCIATES,
INC. FOR ARBY'S RESTAURANT LOCATED AT THE NORTHEAST CORNER OF HIGHWAY 55 AND
REVERE LANE NORTH (91064)
WHEREAS, a Site Plan for Arby's Restaurant was approved under City Council
Resolution 91-532; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in
the form of a 2 Letters of Credit in the total amount of $185,091; 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 $180,552
reduction of the 2 Letters of Credit which were submitted to guarantee site
improvements for Arby's Restaurant to a new total guarantee of $4,539.
Adopted by the City Council on September 21, 1992.