HomeMy WebLinkAboutCity Council Resolution 2021-293
C ITY OF P LYMOUTH
R ESOLUTION N O. 2021-293
R ESOLUTION A CCEPTING R EDUCTION IN D EVELOPMENT F INANCIAL G UARANTEE
E NCLAVE AT E LM C REEK (2017068)
WHEREAS, in accordance with the development contract dated August 28, 2017, West Plymouth
Development, Inc., developer of Enclave at Elm Creek (2017068), 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. 1151 for the items be reduced from $132,543 to $61,992:
% of
Original Current New Original
Item Amount Amount Amount Amount
Street Construction 137,300 34,325 0 0%
Sanitary Sewer System 238,000 0 0 0%
Watermain System 107,000 0 0 0%
Stom Sewer System 189,000 0 0 0%
Pond Sand Filter 27,000 6,750 6,750 25%
Boulevard and Drainage Swale Sod 1,300 0 0 0%
Retaining Walls 133,400 0 0 0%
Pond Construction 78,000 19,500 19,500 25%
Street & Traffic Control Signs 1,000 0 0 0%
Sidewalk Improvements 22,600 5,650 5,650 25%
Landscaping 20,000 10,000 10,000 50%
Street Lighting 1,000 0 0 0%
Site Grading & Drainage Improvements 310,000 46,500 15,500 5%
Setting Iron Monuments 4,700 0 0 0%
Removal of Temporary Turn-Around 5,000 0 0 0%
Wetland Mitigation / Restoration 50,000 0 0 0%
Subtotal $1,325,300 $122,725 $57,400 4%
Design, Admin, Insp, As-Builts (8%) $106,024 $9,818 $4,592
Total $1,431,324 $132,543 $61,992 4%
APPROVED by the City Council on this 12th day of October, 2021.