HomeMy WebLinkAboutCity Council Resolution 2007-014CITY OF PLYMOUTH
RESOLUTION NO. 2007-014
FINAL RELEASE OF FINANCIAL GUARANTEES
HIDDEN TERRACE (2001107)
WHEREAS, in accordance with the development contract dated July 10, 2002, SVK Development,
Inc., developer of Hidden Terrace (2001107), 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 remain as follows:
ITEM
Street Constriction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Rain Garden Constriction
N [_JRP Pond Constriction
Street Signs (I x 200)
Park and Trail Improvements
Site Grading and Drainage Improvements
Setting Iron Monuments
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL
CURRENT
NEW
AMOUNT
AMOUNT
AMOUNT
$ 76,723
$ -0-
$ -0-
94,620
-0-
-0-
53,909
-0-
-0-
34,876
-0-
-0-
8,000
2,200
-0-
40,000
7,500
-0-
2,200
-0-
-0-
400
-0-
-0-
6,528-
6,528-
-0-
74,600
30,000
-0-
2,000
-0-
-0-
47,263
5,547
-0-
$441,119
$ 51,775
$ -0-
That the required financial guarantee for the above items be reduced as detailed above from $51,775
to $0 (zero) to reflect the completed work. Letter of Credit No. SLMMSP02654 may be released
accordingly.
Resolution No. 2007-014
HIDDEN TERRACE (2001107)
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 be released as follows:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and
Storm
Sewer Cleaning (see Grading Permit for
Financial Guarantee Requirements)
Cash:
Letter of Credit No. SLN MSP02075:
Adopted by the City Council on January 9, 2007.
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ 1,000 $ 1,000 $-0-
$8,750
-0-
$8,750 $ 8,750 $ -0-