HomeMy WebLinkAboutCity Council Resolution 1992-646CITY OF PLYMOUTH
RESOLUTION 92-646
AUTHORIZING REDUCTION OF SITE PERFORMANCE GUARANTEE FOR LYMAN DEVELOPMENT
COMPANY FOR PARKVIEW RIDGE 3RD ADDITION LOCATED AT THE NORTHWEST CORNER OF
MINNESOTA LANE NORTH AND 38TH AVENUE NORTH (90061)
WHEREAS, a Site Plan for Parkview Ridge 3rd Addition was approved under City
Council Resolution 90-501; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in
the form of a Letter of Credit in the amount of $51,600; 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 $40,180
reduction of the Letter of Credit #26987.12 which was submitted to guarantee
site improvements for Parkview Ridge 3rd Addition to a new total guarantee of
$11,420.
Adopted by the City Council on October 26, 1992.