HomeMy WebLinkAboutCity Council Resolution 2018-372
C ITY OF P LYMOUTH
R ESOLUTION N O. 2018-372
R ESOLUTION A CCEPTING S TREETS FOR C ONTINUAL M AINTENANCE FOR
T HE F IELDS AT M EADOW R IDGE (2016077)
WHEREAS, in accordance with the development contract dated October 11, 2016, North47, Inc.,
developer of The Fields at Meadow Ridge (2016077), has agreed to install certain improvements for said
development; and
WHEREAS, the developer has completed a portion of the street, utility and site grading as noted
below; and
WHEREAS, the developer has requested a reduction of the required financial guarantee to
reflect the completed work.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA that the financial guarantee requirements are reduced as follows below and that the
required guarantee and Letter of Credit No. 377 for the items be reduced from $608,773 to $368,510:
Original Current New % of Original
Item Amount Amount Amount Amount
Street Construction 545,000 327,000 136,250 25%
Sanitary Sewer System 241,000 60,250 60,250 25%
Watermain System 178,000 44,500 44,500 25%
Stom Sewer System 197,000 49,250 49,250 25%
Boulevard and Drainage Swale Sod 15,000 15,000 3,750 25%
Pond Construction 19,000 9,500 9,500 50%
Rain Garden and Filtration Basin 14,000 7,000 7,000 50%
Street & Traffic Control Signs 4,000 0 0 0%
Sidewalk Improvements 52,000 31,200 13,000 25%
Trail Improvements 6,475 3,885 1,619 25%
Street Lighting 9,000 0 0 0%
Setting Iron Monuments 15,000 0 0 0%
Tree Preservation and Reforestation 16,094 16,094 16,094 100%
Subtotal $1,311,569 $563,679 $341,213 26%
Design, Admin, Insp, As-Builts (8%) $104,926 $45,094 $27,297 8%
Total $1,416,495 $608,773 $368,510 26%
BE IT FURTHER RESOLVED that the streets are accepted for continuous maintenance as of
December 11, 2018, subject to the one-year guarantee by the Developer per Letter of Credit No. 377.
APPROVED by the City Council on this 11th day of December, 2018.