HomeMy WebLinkAboutCity Council Resolution 2021-286
C ITY OF P LYMOUTH
R ESOLUTION N O. 2021-286
R ESOLUTION A CCEPTING R EDUCTION IN D EVELOPMENT F INANCIAL G UARANTEE
C REEKSIDE H ILLS 2 ND A DDITION (2017001)
WHEREAS, in accordance with the development contract dated May 23, 2017, Creekside Hills
Development, Inc., developer of Creekside Hills 2nd Addition (2017001), 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. 1141 for the items be reduced from $325,328 to $89,116:
% of
Original Current New Original
Item Amount Amount Amount Amount
Street Construction 492,360 123,090 0 0%
Sanitary Sewer System 429,450 0 0 0%
Watermain System 230,555 0 0 0%
Stom Sewer System 303,975 0 0 0%
Pond Sand Filter 32,000 8,000 8,000 25%
Boulevard and Drainage Swale Sod 12,545 3,136 3,136 25%
Retaining Walls 254,750 0 0 0%
Pond Construction 17,115 4,279 4,279 25%
Rain Garden / Filtration Basin 27,075 0 0 0%
Street & Traffic Control Signs 2,250 0 0 0%
Sidewalk Improvements 72,300 18,075 0 0%
Landscaping 46,200 34,650 23,100 50%
Street Lighting 11,250 0 0 0%
Site Grading & Drainage Improvements 1,100,000 110,000 44,000 4%
Setting Iron Monuments 21,000 0 0 0%
Wetland Mitigation 7,500 0 0 0%
Subtotal $3,060,325 $301,230 $82,515 3%
Design, Admin, Insp, As-Builts (8%) $244,826 $24,098 $6,601
Total $3,305,151 $325,328 $89,116 3%
APPROVED by the City Council on this 12th day of October, 2021.