HomeMy WebLinkAboutCity Council Resolution 2000-012RESOLUTION NO. 2000-012
REDUCING REQUIRED FINANCIAL GUARANTEE
PLUM TREE EAST 2 ND ADDITION (98128)
WHEREAS, in accordance with the development contract dated September 3, 1998, Lundgren Bros.
Construction, Inc., developer of Plum Tree East 2nd Addition (98128), 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:
Street Construction
Sanitary Sewer
Watermain
Storm Sewer
ITEM
Boulevard and Drainage Swale Sod
Mitigation Pond Construction
NURP Pond Construction
Street Signs (3 x $200)
Site Grading and Drainage Improvements
Sidewalk
Setting Iron Monuments
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL
AMOUNT
$ 137,000
84,000
53,000
46,000
5,400
6,000 -0-
600
170,000
25,000
1,890
63,467
$592,357
NEW
AMOUNT
$27,400
-0-
-0-
-0-
5,400
6,000 -0-
600 -0-
-0-
1,890
4,955
$46,245
That the required financial guarantee for the above items be reduced as detailed above from $92,837 to
$46,245 to reflect the completed work. Letter of Credit No. FGAC-99222 is the financial guarantee for Plum
Tree East Addition (94090) and Plum Tree East 2nd Addition (98128) and must maintain a balance equal to
the sum of the two projects' requirements. Letter of Credit No. FGAC-9922 may be reduced accordingly.
\IPL Y _ Nl\Ntdisk l\pw\Enginecring\DEVLMNTS\1998\98128\Resol\FG-98128B.doc
\
RESOLUTION NO. 2000-012
PLUM TREE EAST zND ADDITION (98128)
Page Two
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per Section
8.1 of the approved development contract remain as follows:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. FGAC-99132*:
ORIGINAL
AMOUNT
$1,000
$25,850
NEW
AMOUNT
$ 1,000
$13,000
*Letter of Credit No. FGAC-99132 is the financial guarantee for Plum Tree East Addition (94090), Plum
Tree East 2°d Addition (98128), Plum Tree East 3rd Addition (98129) and Plum Tree East 4th Addition (98130)
and must maintain a balance equal to the sum of the four projects' requirements.
FURTHER BE IT RESOLVED that the sanitary sewer, watermain, and storm sewer construction is accepted
for continual maintenance as of January 4, 2000 subject to the two year guarantee by the Developer per
Maintenance Bond No. 54107872 issued by United Fire and Casualty Company.
Adopted by the City Council on January 4, 2000.
\IPL Y _NT\Ntdisk I lpw\Engineering\DEVLMNTSI 1998198128\Reso�FG-981288.doc