HomeMy WebLinkAboutCity Council Resolution 2021-205
CITY OF PLYMOUTH
RESOLUTION NO. 2021-205
RESOLUTION ACCEPTING REDUCTION IN DEVELOPMENT FINANCIAL GUARANTEE
FRETHAM 23RD ADDITION (2014035)
WHEREAS, in accordance with the development contract dated November 25, 2014, Lake West
Development, LLC, developer of Fretham Twenty Third Addition (2014035F), has agreed to install certain
improvements for said development; and
WHEREAS, the developer has completed a portion of the street restoration 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. 232 for the items be reduced from $44,688 to $20,259:
Item Original
Amount
Current
Amount
New
Amount
% of Original
Amount
Street Construction $62,353 $37,400 $15,588 25%
Sanitary Sewer 29,770 0 0 0%
Watermain 46,955 0 0 0%
Storm Sewer System 25,295 0 0 0%
Boulevard and Drainage Swale Sod/Seed 1,400 0 0 0%
Pond Construction 15,950 0 0 0%
Street & Traffic Control Signs 800 0 0 0%
Sidewalk Improvements 15,635 0 0 0%
Street Lights 1,875 0 0 0%
Setting Iron Monuments 2,500 2,500 2,500 100%
Site Grading and Drainage Improvements 71,520 0 0 0%
Subtotal $274,053 $39,900 $18,088 7%
Design, Admin, Insp, As-Builts (12%) $20,844 $4,788 $2,171
Total $294,897 $44,688 $20,259 7%
APPROVED by the City Council on this 27th day of July, 2021.