HomeMy WebLinkAboutCity Council Resolution 2008-118CITY OF PLYMOUTH
RESOLUTION NO. 2008-118
FINAL RELEASE OF FINANCIAL GUARANTEE AND ACCEPTING
STREETS AND UTILITIES FOR CONTINUAL MAINTENANCE
TARYN HILLS 2nd ADDITION (2006018)
WHEREAS, in accordance with the development contract dated May 10, 2006, US Home Corporation,
developer of Taryn Hills 2nd Addition (200618), has agreed to install certain improvements for said
development; and
WHEREAS, the required financial guarantee in the Development Contract (42006018) has been amended as
noted below; and
WHEREAS, the developer has completed the street, utility and public improvements 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:
TOTAL
$ 401,458 $ 87,069 $ 0
That the required financial guarantee for the above items be reduced as detailed above from $87,069 to $0
(zero) to reflect the completed work. Letter of Credit No. FGAC-06145 may be reduced accordingly and
released by the Finance Department.
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Constriction
$ 131,378
$ 32,800
$ 0
Sanitary Sewer
24,196
4,840
0
Watermain
95,283
19,100
0
Storm Sewer
84,179
16,800
0
Sidewalk Improvements
11,609
2,300
0
Street Lights
9,600
1,900
-0-
Setting Iron Monuments
2,200
0
0
Design, Administration, Inspection, As-Builts
43,013
9,328
0
TOTAL
$ 401,458 $ 87,069 $ 0
That the required financial guarantee for the above items be reduced as detailed above from $87,069 to $0
(zero) to reflect the completed work. Letter of Credit No. FGAC-06145 may be reduced accordingly and
released by the Finance Department.
Resolution No. 2008-118
Taryn Hills 2nd Addition (200618)
Page 2 of 2
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 NEW
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: (Covered by Taryn Hills Addn. (2005045) : $ -0- $_0_
Financial
-0-
Financial Guarantee: (Covered by Taryn Hills Addn. $ -0- $_0_
(2005045)) -0-
(2005045))
FURTHER BE IT RESOLVED that the street constriction is accepted for continuous maintenance as of
April 8, 2008 subject to a one year guarantee by the Developer per Maintenance Bond No. 105082745 issued
by Travelers Casualty And Surety Company Of America.
FURTHER BE IT RESOLVED that the utility constriction is accepted for continuous maintenance as of
April 8, 2008 subject to the two-year guarantee by the Developer per Maintenance Bond No. 105082744
issued by Travelers Casuality And Surety Company Of America.
Adopted by the City Council on April 8, 2008.