HomeMy WebLinkAboutCity Council Resolution 2021-287
C ITY OF P LYMOUTH
R ESOLUTION N O. 2021-287
R ESOLUTION A CCEPTING R EDUCTION IN D EVELOPMENT F INANCIAL G UARANTEE
C REEKSIDE H ILLS 3 RD A DDITION (2018007)
WHEREAS, in accordance with the development contract dated May 18, 2018, Creekside Hills
Development, Inc., developer of Creekside Hills 3rd Addition (2018007), 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. 1176 for the items be reduced from $370,305 to $38,102:
% of
Original Current New Original
Item Amount Amount Amount Amount
Street Construction 330,900 82,725 0 0%
Sanitary Sewer System 257,400 64,350 0 0%
Watermain System 141,300 35,325 0 0%
Storm Sewer System 177,300 44,325 0 0%
Boulevard and Drainage Swale Sod/Seed 7,200 3,600 1,800 25%
Filtration Basin 25,600 12,800 6,400 25%
Street & Traffic Control Signs 3,000 0 0 0%
Wetland Buffer Posts & Signs 3,000 0 0 0%
Sidewalk Improvements 47,800 11,950 0 0%
Landscaping 23,000 8,050 8,050 35%
Street Lighting 6,300 0 0 0%
Erosion Control 27,500 13,750 13,750 50%
Site Drainage & Grading Improvements (50%) 132,000 66,000 5,280 4%
Setting Iron Monuments 10,500 0 0 0%
Subtotal $1,192,800 $342,875 $35,280 3%
Design, Admin, Inspection, As-Builts (8%) $95,400 $27,430 $2,822
Total $1,288,200 $370,305 $38,102 3%
APPROVED by the City Council on this 12th day of October, 2021.