HomeMy WebLinkAboutCity Council Resolution 1992-650CITY OF PLYMOUTH
RESOLUTION 92-650
AUTHORIZING REDUCTION OF SITE PERFORMANCE GUARANTEE FOR FOOD ENGINEERING
CORPORATION LOCATED AT 2765 NIAGARA LANE NORTH (91034)
WHEREAS, a Site Plan for Food Engineering Corporation was approved under City
Council Resolution 91-313; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in
the form of a Letter of Credit in the amount of $188,500; 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 $118,00
reduction of the Letter of Credit #74594 which was submitted to guarantee site
improvements for Food Engineering Corporation to a new total guarantee of
$70,500.
Adopted by the City Council on October 26, 1992.