HomeMy WebLinkAboutCity Council Resolution 2021-206
CITY OF PLYMOUTH
RESOLUTION NO. 2021-206
RESOLUTION ACCEPTING REDUCTION IN DEVELOPMENT FINANCIAL GUARANTEE
FRETHAM 26TH ADDITION (2017072F)
WHEREAS, in accordance with the development contract dated March 2, 2018, Lake West
Development, LLC, developer of Fretham 26th Addition (2017072F), 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. 231 for the items be reduced from $35,775 to $24,500:
Item Original
Amount
Current
Amount New Amount
% of
Original
Amount
Sanitary Sewer $3,000 $3,000 $0 0%
Watermains/Hydrants 3,000 3,000 0 0%
Street Restoration 5,000 5,000 1,250 25%
Surface Water Facilities/Pipe (Tile) 6,000 6,000 6,000 100%
Grading 6,000 6,000 6,000 100%
Erosion Control ($1,500/Acre) 2,100 1,575 1,050 50%
Traffic Control Signs 1,000 1,000 0 0%
Landscaping Two Front Yard Trees per Lot
(10 trees at $350 each) 3,500 3,500 3,500 100%
Landscaping Boulevard Sod/Seed 2,500 2,500 2,500 100%
Tree preservation 9,797 0 0 0%
Record Plans (required for utilities and
grading) 3,000 3,000 3,000 100%
Other: Setting of Iron Monuments 1,200 1,200 1,200 100%
Refundable Erosion Control Cash Deposit 1,000 0 0 0%
Administration of Agreement 921 0 0 0%
Total $48,018 $35,775 $24,500 51%
APPROVED by the City Council on this 27th day of July, 2021.