HomeMy WebLinkAboutCity Council Resolution 1993-729CITY OF PLYMOUTH
RESOLUTION NO. 93-729
AUTHORIZING RELEASE OF SITE PERFORMANCE GUARANTEE FOR
LYMAN DEVELOPMENT COMPANY (NEW HORIZON HOMES) FOR
PARKVIEW RIDGE 3rd ADDITION LOCATED AT THE NORTHWEST CORNER
OF MINNESOTA LANE AND 38TH AVENUE NORTH (90061)
WHEREAS, a Site Plan for Parkview Ridge 3rd Addition was approved under City
Council Resolution 90-501; and
WHEREAS, the developer submitted the required Site Performance Guarantee in the
form of a Letter of Credit in the amount of $51,600; and
WHEREAS, the City Council, under Resolution 92-646 authorized the reduction of the
Letter of credit to $11,420; 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
WHE1REAS, City staff has inspected the site and recommends release of the financial
guarantee to the Parkview Ridge Townhome Owners HOA.
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 financial guarantee in the amount of $5,450.42, which was
submitted to guarantee site improvements for Parkview Ridge 3rd Addition.
Adopted by the City Council on November 15, 1993.