HomeMy WebLinkAboutCity Council Resolution 1989-424CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a regular meeting of the
City Council of the City of Plymouth, Minnesota, was held on the 24th day
of July , 1989 The following members were present:
Kaypr Schneider, Councilmembers Vasiliou, Ricker, Zitur and Sisk
The following members were absent: None
Councilmember Zitur introduced the following Resolution and
moved its adoption:
RESOLUTION 89-424
AUTHORIZING REDUCTION OF SITE PERFORMANCE GUARANTEE FOR UNITED PROPERTIES FOR
MALLARD POINT (87110)
WHEREAS, a Site Plan for United Properties for Mallard Point located northwest
of 18th Avenue North and Niagara Lane was approved under City Council
Resolution 88-77; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in
the form of a letter of credit in the amount of $912,000; and,
WHEREAS, the City Council under Resolution 88-627 authorized the reduction of
the letter of credit to $414,000; 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 the reduction of
the Letter of Credit No. SB6908 in the amount of $414,000, which was submitted
to guarantee site improvements for United Properties for Mallard Point located
northwest of 18th Avenue North and Niagara Lane to $112,500.
The motion for adoption of the foregoing Resolution was duly seconded
by Councilmember Sisk , and upon vote being taken thereon,
the following voted in favor thereof: Mayor Schneider, Councilmembers Vasiliou,
Ricker. 2itur and Sisk
The following voted against or abstained None
Whereupon the Resolution was declared duly passed and adopted.