HomeMy WebLinkAboutCity Council Resolution 1994-435C1TY OF PLYMOUTH
RESOLUTION % - 43S
AUTHOREONO RELEASE OF SITE PERFORMANCE GUARANTEE FOR
STUART CORPORATION FOR F1RtNBR00R TOWNHOMBS LOCATED AT THE
IIV'IZiR3Rt"iZON OF 4418 AVENUE NORTH AND FBRNBROOK LANE (91044)
WHBRB"t a She Plan for Hartford Invastmen4 Inc. / Perubm& Townhomes was
approved under City Council Resolution 91-387; ands
WHEREAS, the developer submitted the required Site Performance Guarantee in the
form of a Ldter of Credit in the amount of $1119000.00; ands
WHEREAS, the City Council, under resolution 93-399, authorized the reduction of the
Letter of Credit to $21,000.00; ands
WHEREAS, upon notice from the developer, City staff has inspected said site and
recommends rebase of the financial guarantee;
NOW, 'IiiBREPORB, BB IT HMMY RESOLVED BY THE CITY COUNCIL OF
THE CITY OF PLYMOUTH, MINNESOTA, that it should and hereby does autborize
the rebase of the Letter of Credit in the amount of $219000.00, which was submitted to
guarantee aite improvements for Fernbroot Townhomes Stunt Corporation.
Adopted by the City Council on August 01 j 1994
(furd)