HomeMy WebLinkAboutCity Council Resolution 1992-648CITY OF PLYMOUTH
RESOLUTION 92-648
AUTHORIZING REDUCTION OF SITE PERFORMANCE GUARANTEE FOR SUPER VALU STORES FOR
CUB FOODS LOCATED AT THE SOUTHWEST CORNER OF 36TH AVENUE NORTH AND VICKSBURG
LANE NORTH (90057)
WHEREAS, a Site Plan for Super Valu Stores for Cub Foods was approved under
City Council Resolution 90-433; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in
the form of a Letter of Credit in the amount of $537,610; and,
WHEREAS, the City Council, under Resolution 91-605, authorized the reduction
of the Letter of Credit to $43,369; 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 $35,279
reduction of the Letter of Credit #73862 which was submitted to guarantee site
improvements for Cub Foods to a new total guarantee of $8,090.
Adopted by the City Council on October 26, 1992.