HomeMy WebLinkAboutCity Council Resolution 2021-291
C ITY OF P LYMOUTH
R ESOLUTION N O. 2021-291
R ESOLUTION A CCEPTING R EDUCTION IN D EVELOPMENT F INANCIAL G UARANTEE
P LYMOUTH R ESERVE (2017105)
WHEREAS, in accordance with the development contract dated August 10, 2018, SVK Development,
LLC, developer of Plymouth Reserve (2017105), 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. A054 for the items be reduced from $210,789 to $128,601:
% of
Original Current New
Item Original
Amount Amount Amount
Amount
Street Construction $170,100 42,525 0 0%
Sanitary Sewer System 113,600 28,400 28,400 25%
Watermain System 73,500 18,375 18,375 25%
Storm Sewer System 65,800 16,450 16,450 25%
Boulevard & Drainage Swale
3,900 975 0 0%
Sod/Seed
Retaining Walls 10,300 2,575 2,575 25%
Pond Construction 10,000 2,500 2,500 25%
Filtration Basin 18,700 4,675 4,675 25%
Street & Traffic Control Signs 1,000 0 0 0%
Buffer Posts & Signs 500 500 500 100%
Sidewalk Improvements 24,700 6,175 0 0%
Trail Improvements 8,500 2,125 0 0%
Landscaping 20,300 20,300 20,300 100%
Street Lighting 6,800 0 0 0%
Erosion Control 13,500 3,375 0 0%
Site Drainage & Grading
83,700 20,925 0 0%
Improvements
Setting Iron Monuments 4,800 0 0 0%
Removal of Temp Turn-around 1,500 0 0 0%
Tree Preservation / Protection 32,400 16,200 16,200 50%
Front Yard Trees 9,100 9,100 9,100 100%
Subtotal 672,700 195,175 119,075 18%
Design, Admin, Inspec, As-Builts (8%) 53,816 15,614 9,526
Total 726,516 210,789 128,601 18%
APPROVED by the City Council on this 12th day of October, 2021.