HomeMy WebLinkAboutCity Council Resolution 2023-014
C ITY OF P LYMOUTH
R ESOLUTION N O. 2023-014
R ESOLUTION A CCEPTING U TILITIES FOR C ONTINUAL M AINTENANCE FOR
H OLLYDALE (2021047)
WHEREAS, in accordance with the development contract dated September 2, 2021, Hollydale GC
Development, Inc, developer of Hollydale (2021047), 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 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. 1341 for the items be reduced from $2,651,886 to
$1,785,240:
% of
Original Current New Original
Item Amount Amount Amount Amount
Street Construction $1,245,000 $747,000 $747,000 60%
Sanitary Sewer System 1,315,000 657,500 328,750 25%
Watermain System 542,000 271,000 135,500 25%
Storm Sewer System 680,000 340,000 170,000 25%
Boulevard and Drainage Swale Sod 27,000 27,000 27,000 100%
Pond Construction 100,000 50,000 50,000 50%
Retaining Walls 125,000 125,000 0 0%
Street and Traffic Control Signs 2,500 0 0 0%
Buffer/Park Posts & Signs ($100 per post) 3,500 0 0 0%
Sidewalk Improvements 180,000 108,000 108,000 60%
Trail Improvements 20,000 12,000 12,000 60%
Landscaping 30,000 30,000 30,000 100%
Street Lighting 5,000 3,500 3,500 70%
Erosion control 55,000 41,250 41,250 75%
Setting Iron Monuments ($100 per iron) 43,200 43,200 0 0%
Subtotal $4,373,200 $2,455,450 $1,653,000 38%
Design, Admin, Insp, As-Builts (8%) $349,856 $196,436 $132,240
Total $4,723,056 $2,651,886 $1,785,240 38%
BE IT FURTHER RESOLVED that the utilities are accepted for continuous maintenance as of
January 10, 2023, subject to the two-year guarantee by the Developer per Letter of Credit No. 1341.
APPROVED by the City Council on this 10th Day of January, 2023.