HomeMy WebLinkAboutCity Council Resolution 2009-010CITY OF PLYMOUTH
RESOLUTION NO. 2009-010
FINAL RELEASE OF FINANCIAL GUARANTEE
SEVEN GREENS (2001031)
WHEREAS, in accordance with the development contract dated September 26, 2001, Swan Development
LLC, developer of Seven Greens (2001031), has agreed to install certain improvements for said development;
and
WHEREAS, the developer has completed the street, utility and site grading as noted below; and
WHEREAS, the developer has requested a final release 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:
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Constriction
$ 407,050
$ -0-
$ -0-
Sanitary Sewer
223,087
-0-
-0-
Watermain
171,975
-0-
-0-
Watermain System Vicksburg Lane
50,550
-0-
-0-
Storm Sewer
183,948
-0-
-0-
Boulevard and Drainage Swale Sod
9,000
900
-0-
N[_]RP Pond Constriction
20,881
4,176
-0-
Mitigation Pond Constriction
24,975
24,975
-0-
Street Signs (7 x 200)
1,400
-0-
-0-
Concrete Sidewalk
183,200
-0-
-0-
Park and Trail Improvements
30,855
-0-
-0-
Site Grading and Drainage Improvements
335,195
5,500
-0-
Setting Iron Monuments
6,000
-0-
-0-
Design, Administration, Inspection, As-Builts
191,708
-0-
-0-
TOTAL
$ 1,845,890
$ 35,551
$ -0-
Resolution No. 2009-010
Page Two
That the required financial guarantee for the above items be reduced as detailed above from $35,551 to $-0-
(zero) to reflect the completed work. Letter of Credit No. NZS425408 may be reduced accordingly and
released by the Finance Department.
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per Section
8.1 of the approved development contract remain as follows:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. NZS404438:
Adopted by the City Council on January 13, 2009.
ORIGINAL NEW
AMOUNT AMOUNT
$ -0- $-0-
$-0-
-0-
$-0- $ -0-