HomeMy WebLinkAboutCity Council Resolution 2022-298
C ITY OF P LYMOUTH
R ESOLUTION N O. 2022-298
R ESOLUTION A CCEPTING U TILITIES FOR C ONTINUAL M AINTENANCE FOR
P ARKERA P LYMOUTH A DDITION (2021077)
WHEREAS, in accordance with the development contract dated April 12, 2022, Invest Plymouth
I, LLC, developer of Parkera Plymouth Addition (2021077), has agreed to install certain improvements
for said development; and
WHEREAS, the developer has completed portions of 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 and released as follows below and
that the required guarantee and Letter of Credit No. STB2200008 for the items be reduced from
$2,746,548 to $1,150,686:
% of
Original New Original
Item Amount Amount Amount
Street Construction $598,000 358,800 60%
Sanitary Sewer System $144,000 36,000 25%
Watermain System $245,000 61,250 25%
Storm Sewer System $286,000 71,500 25%
Boulevard and Drainage Swale Sod $95,000 95,000 100%
Pond Construction $184,000 92,000 50%
Filtration Basins $9,000 4,500 50%
Street and Traffic Control Signs $90,000 0 0%
Buffer/Park Posts & Signs ($100 per buffer post) $6,000 6,000 100%
Sidewalk Improvements $40,000 24,000 60%
Trail Improvements $107,000 64,200 60%
Landscaping $78,000 78,000 100%
Street Lighting $60,000 0 0%
Erosion Control $58,000 43,500 75%
Site Grading & Drainage Improvements $500,000 125,000 25%
Setting Iron Monuments ($100 per iron) $5,700 5,700 100%
Removal of Temporary Turn-around $2,900 0 0%
Tree Preservation/Protection $8,600 0 0%
Wetland Mitigation and Restoration $25,900 0 0%
Subtotal $2,543,100 $1,065,450 42%
Design, Admin, Insp, As-Builts (8%) $203,448 $85,236
Total $2,746,548 $1,150,686 42%
Resolution 2022-298
Page 2
BE IT FURTHER RESOLVED that the Utilities are accepted for continuous maintenance as of
November 29, 2022, subject to the two-year guarantee by the Developer per Letter of Credit No.
STB2200008.
APPROVED by the City Council on this 29th day of November, 2022.