HomeMy WebLinkAboutCity Council Resolution 2021-284
C ITY OF P LYMOUTH
R ESOLUTION N O. 2021-284
R ESOLUTION A CCEPTING R EDUCTION AND R ELEASE IN D EVELOPMENT F INANCIAL G UARANTEE
C AMELOT N INE AT B EGIN 2 ND A DDITION (2017013)
WHEREAS, in accordance with the development contract dated March 30, 2017, Pulte Homes of
Minnesota, developer of Camelot Nine at Begin 2nd Addition (2017013), 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 reduction and 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 and released as follows below and
that the required guarantee and Letter of Credit No. S507034 for the items be reduced from $54,000 to
$0.00:
% of
Original Current New Original
Item Amount Amount Amount Amount
Street Construction $ 292,250 0 $0 0%
Sanitary Sewer System 113,900 0 0 0%
Watermain System 115,425 0 0 0%
Storm Sewer System 27,825 0 0 0%
Boulevard and Drainage Swale
Sod 9,325 0 0 0%
Retaining Walls 50,000 50,000 0 0%
Street & Traffic Control Signs 2,700 0 0 0%
Sidewalk Improvements 45,400 0 0 0%
Landscaping 20,400 0 0 0%
Street Lighting 7,500 0 0 0%
Setting Iron Monuments 13,900 0 0 0%
Subtotal $698,625 $50,000 $0 0%
Design, Admin, Insp, As-Builts
(8%) $55,890 $4,000 $0
Total $754,515 $54,000 $0 0%
BE IT FURTHER RESOLVED that the financial guarantee of Credit No. S507034 is hereby released.
APPROVED by the City Council on this 12th Day of October, 2021.