HomeMy WebLinkAboutCity Council Resolution 2021-292
C ITY OF P LYMOUTH
R ESOLUTION N O. 2021-292
R ESOLUTION A CCEPTING R EDUCTION AND R ELEASE IN D EVELOPMENT F INANCIAL G UARANTEE
FOR S ERENITY ON THE G REENWAY (2014018)
WHEREAS, in accordance with the development contract dated July 29, 2014, Serenity on the Green,
Inc., developer of Serenity on the Greenway (2014018), has agreed to install certain improvements for said
development; and
WHEREAS, the developer has completed the street, utility and site grading as noted below; and
WHEREAS, the developer has requested a reduction and release 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
financial guarantee and Letter of Credit No. 279 for the items be reduced from $2,920 to $0.00:
Original Current New % of Original
Item Amount Amount Amount Amount
Street Construction 316,662 0 0 0%
Sanitary Sewer 214,211 0 0 0%
Watermain 122,925 0 0 0%
Storm Sewer System 134,248 0 0 0%
Boulevard and Drainage Swale
Sod/Seed 10,814 2,704 0 0%
Retaining Walls 20,000 0 0 0%
Street & Traffic Control Signs 4,000 0 0 0%
Sidewalk 41,956 0 0 0%
Trail 9,360 0 0 0%
Street Lighting 10,125 0 0 0%
Setting Iron Monuments 9,300 0 0 0%
Subtotal $893,601 $2,704 $0 0.00%
Design, Administration, Inspection, As-
Builts(8%) $71,488 $216 $0
Total $965,089 $2,920 $0 0.00%
BE IT FURTHER RESOLVED that the financial guarantee of Credit No. 279 is hereby released.
APPROVED by the City Council on this 12th day of October, 2021.