HomeMy WebLinkAboutCity Council Resolution 2008-014CITY OF PLYMOUTH
RESOLUTION NO. 2008-014
FINAL REALEASE OF FINANCIAL GUARANTEE
SERENITY ON HADLEY LAKE (2002055)
WHEREAS, in accordance with the development contract dated October 28, 2002, Serenity Partners, LLC,
developer of Serenity on Hadley Lake (2002055), 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 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 be reduced as follows:
That the required financial guarantee for the above items be reduced as detailed above from $8,400 to $0
(zero) to reflect the completed work. Letter of Credit No. 65 may be released accordingly.
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Constriction
$ 103,308
$ -0-
$ -0-
Sanitary Sewer
74,626
-0-
-0-
Watermain
59,619
-0-
-0-
Storm Sewer
37,968
-0-
-0-
Boulevard and Drainage Swale Sod
2,200
-0-
-0-
Rain Garden Constriction
7,500
-0-
-0-
N[_]RP Pond Constriction
9,000
-0-
-0-
Retaining Wall
10,170
-0-
-0-
Street Signs (1 x 200)
200
-0-
-0-
Park and Trail Improvements
-0-
-0-
-0-
Site Grading and Drainage Improvements
80,522
7,500
-0-
Setting Iron Monuments
1,650
-0-
-0-
Design, Administration, Inspection, As-Builts
46,412
900
-0-
TOTAL
$ 433,175
$ 8,400
$ -0-
That the required financial guarantee for the above items be reduced as detailed above from $8,400 to $0
(zero) to reflect the completed work. Letter of Credit No. 65 may be released accordingly.
Resolution No. 2008-014
Serenity on Hadley Lake (2002055)
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:
ORIGINAL CURRENT
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning (see Grading Permit for
Financial Guarantee Requirements)
Cash: $ 3,900 $ -0-
Adopted by the City Council on January 8, 2008.