HomeMy WebLinkAboutCity Council Resolution 2021-289
C ITY OF P LYMOUTH
R ESOLUTION N O. 2021-289
R ESOLUTION A CCEPTING R EDUCTION IN D EVELOPMENT F INANCIAL G UARANTEE
P ERL G ARDENS (2020058)
WHEREAS, in accordance with the development contract dated September 29, 2020, Rachel
Development Inc, developer of PERL GARDENS (2020058), 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 and released as follows below and that
the required guarantee and Letter of Credit No. 329 for the items be reduced from $1,968,948 to $1,378,998:
% of
Original Current New Original
Item Amount Amount Amount Amount
Street Construction 369,400 369,400 221,640 60%
Turn Lane Construction 75,200 75,200 45,120 60%
Sanitary Sewer System 241,600 241,600 120,800 50%
Watermain System 196,600 196,600 98,300 50%
Storm Sewer System 251,500 251,500 125,750 50%
Boulevard and Drainage Swale Sod/Seed 7,800 7,800 7,800 100%
Filtration Basin 58,500 58,500 58,500 100%
Retaining Walls 297,000 297,000 297,000 100%
Street & Traffic Control Signs 8,200 8,200 0 0%
Sidewalk Improvements 19,200 19,200 19,200 100%
Trail Improvements 13,400 13,400 8,040 60%
Landscaping 54,200 54,200 54,200 100%
Street Lighting 10,000 10,000 0 0%
Erosion Control (75%) 8,400 8,400 8,400 100%
Site Drainage & Grading Improvements (50%) 194,000 194,000 194,000 100%
Setting Iron Monuments 15,500 15,500 15,500 100%
Tree Preservation 2,600 2,600 2,600 100%
Subtotal $1,823,100 $1,823,100 $1,276,850 70%
Design, Admin, Inspection, As-Builts (8%) $145,848 $145,848 $102,148
Total $1,968,948 $1,968,948 $1,378,998 70%
APPROVED by the City Council on this 12th Day of October, 2021.