HomeMy WebLinkAboutCity Council Resolution 1989-705CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a reg}ylar meeting of the
City Council of the City of Plymouth, Minnesota, was held on the 6th day
of November , 19 89 The following members were present:
_Mayor Schneider. Councilmembers Vasiliou, Ricker, Zitur and Sisk
The following members were absent: None
Councilmember Sisk introduced the following Resolution and
moved its adoption:
RESOLUTION 89-705
AUTHORIZING RELEASE OF SITE PERFORMANCE GUARANTEE FOR INTRAFINANCIAL
CORPORATION FOR PLYMOUTH PONDS (86050)
WHEREAS, a Site Plan for Intrafinancial Corporation for Plymouth Ponds located
at the northwest corner of Nathan Lane and 45th Avenue North was approved
under City Council Resolution 86-317; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in
the form of a Letter of Credit in the amount of $125,962; and,
WHEREAS, the City Council under Resolution 88-010 authorized the reduction of
the financial guarantee to $30,000; and,
WHEREAS, the City Council under Resolution 88-702 authorized the reduction of
the financial guarantee to $15,000; 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 No. 16200090 in the amount of $15,000, which was
submitted to guarantee site improvements for Intrafinancial Corporation for
Plymouth Ponds located at the northwest corner of Nathan Lane and 45th Avenue
North.
The motion for adoption of the foregoing Resolution was duly seconded
by Councilmember Zitur , and upon vote being taken thereon,
the following voted in favor thereof: _Mayor Schneider Councilmembers
Vasiliou. Ricker Zitur and Sisk
The following voted against or abstained
Whereupon the Resolution was declared duly pas!
None
and adopted.