HomeMy WebLinkAboutCity Council Resolution 2007-046CITY OF PLYMOUTH
RESOLUTION NO. 2007-046
FINAL RELEASE OF FINANCIAL GUARANTEE
HOLLY CREEK ADDITION (91106)
WHEREAS, in accordance with the development contract dated April 1, 1992, Scherber Partnership
Properties, developer of Holly Creek Addition (91106), 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 development bond to reflect the completed work;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA; that the bonding requirements remain as follows:
ITEM
Street Constriction
(Excluding C.R. 9 bypass lane
and C.R. 9 C & G)
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage
Swale Sod
Mitigation Pond Constriction
Street Signs (2 x 150)
Site Grading and Drainage
Improvements
Park and Trail Improvements
Design, Administration,
Inspection, As-Builts
TOTAL
ORIGINAL
AMOUNT
$58,500
37,700
29,600
15,800
3,200
CURRENT
AMOUNT
1
1
1
1
NEW
AMOUNT
Is
10,000
-0-
-0-
300
-0-
-0-
39,300
-0-
-0-
-0-
-0-
-0-
22,248
3,024
-0-
$207,648 $ 3,024
$ -0-
That the required financial guarantee for the above items be reduced as detailed above from $3,024 to $0
(zero) to reflect the completed work. Letter of Credit No. 624452 may be reduced accordingly and will be
released by the Finance Department.
Resolution No. 2007-046
Holly Creek Addition (91106)
Page Two
FURTHER BE IT RESOLVED that the bonding requirements for the following items per Section 8.1 of the
approved development contract be reduced as follows:
ITEM ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and
Storm
Sewer Cleaning
Cash: $ 1,000 $-0- $-0-
Letter of Credit No. 624445: $15,200 $1,900 $-0-
Adopted by the City Council on January 23, 2007.