HomeMy WebLinkAboutCity Council Resolution 2021-290
C ITY OF P LYMOUTH
R ESOLUTION N O. 2021-290
R ESOLUTION A CCEPTING R EDUCTION IN D EVELOPMENT F INANCIAL G UARANTEE
P LYMOUTH P RESERVE (2014010)
WHEREAS, in accordance with the development contract dated September 26, 2014, Plymouth
Preserve, LLC, developer of Plymouth Preserve (2014010), 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
cash guarantee and Letter of Credit No. 4990241 for the items be reduced from $75,194 to $5,813:
% of
Original Current New Original
Item Amount Amount Amount Amount
Street Construction $ 216,392 54,098 0%
0
Sanitary Sewer 166,700 0 0%
0
Watermain 119,500 0 0%
0
Storm Sewer System 103,950 0 0%
0
Retaining Walls 30,000 0 0%
0
Pond Construction 10,000 2,500 25%
2,500
Construct Temp. CDS Turn-arounds 12,000 0 0%
0
Street and Traffic Control Signs 1,525 0 0%
0
Sidewalk Improvements 25,578 6,395 0%
0
Trail Improvements 15,000 3,750 0%
0
Landscaping 17,850 0 0%
0
Street lights 10,125 0 0%
0
Erosion Control and Boulevard Sod 5,240 2,882 55%
2,882
Site Grading & Drainage Improvements 426,405 0 0%
0
Setting Iron Monuments 8,100 0 0%
0
Removal of Temp. Turn-arounds 5,000 0 0%
0
Tree Preservation and Reforestation 43,950 0 0%
0
Wetland Mitigation and restoration 8,300 0 0%
0
Subtotal $1,225,615 $69,625 $5,382 0.44%
Design, Admin, Insp, As-Builts (8%) $98,049 $5,570 $431
Total $1,323,664 $75,194 $5,813 0.44%
APPROVED by the City Council on this 12th day of October, 2021.