HomeMy WebLinkAboutCity Council Resolution 1992-600CITY OF PLYMOUTH
RESOLUTION 92- 600
AUTHORIZING RELEASE OF SITE PERFORMANCE GUARANTEE FOR CSM CORPORATION FOR BASS
LAKE HILLS TOWNHOMES FOR PROPERTY LOCATED AT THE SOUTHEAST CORNER OF I-494 AND
COUNTY ROAD 47 (88060)
WHEREAS, a Site Plan for Bass Lake Townhomes 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 reduction of the
Letter of Credit to $340,000; and,
WHEREAS, the City Council under Resolution 91-06, authorized reduction of the
Letter of Credit to $206,473; and,
WHEREAS, the City Council under Resolution 91-505, authorized reduction of the
Letter of Credit to $51,618; 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 Letter of Credit in the amount of $51,618, which was submitted to
guarantee site improvements for Bass Lake Hills Townhomes.
Adopted by the City Council on October 5, 1992.