HomeMy WebLinkAboutCity Council Resolution 1993-728CITY OF PLYMOUTH
RESOLUTION 93 - 728
AUTHORIZING RELEASE OF SITE PERFORMANCE GUARANTEE FOR
LYMAN DEVELOPMENT COMPANY (NEW HORIZON HOMES) FOR
PARKVIEW RIDGE 2ND ADDITION LOCATED AT THE NORTHWEST
CORNER OF MINNESOTA LANE AND 38TH AVENUE NORTH (90060)
WEUMURAS, a Site Plan for Parkview Ridge 2nd Addition was approved under City
Council Resolution 90-500; and,
WHEREAS, the developer submitted the required Site Performance Guarantee in the
form of a Letter of Credit in the amount of $99,700; and,
WHEREAS, the City Council, under Resolution 91-316, authorized the reduction of
the Letter of Credit to $50,800; and,
WHEREAS, the City Council, under Resolution 92-645, authorized the reduction of
the Letter of Credit to $10,000; and,
WHEREAS, New Horizon Homes has indicated by a letter dated July 16, 1993, that
they will not complete the project in accordance with the agreement and authorize the
refunding of any financial guarantee to the Parkview Ridge Townhome HOA; and,
WHEREAS, City staff has inspected the site and recommends release of the financial
guarantee to the Parkview Ridge Townhome HOA;
NOW, THE1RWORE, 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 financial guarantee in the amount of $10,000, which was submitted to
guarantee site improvements for Parkview Ridge 2nd Addition.
Adopted by the City Council on November 15, 1993