HomeMy WebLinkAboutCity Council Resolution 2007-071CITY OF PLYMOUTH
RESOLUTION NO. 2007-071
FINAL RELEASE OF FINANCIAL GUARANTEE
PIKE LAKE WOODS ADDITION (97079)
WHEREAS, in accordance with the development contract dated December 4, 1997, Pike Lake Woods, Inc.,
developer of Pike Lake Woods Addition (97079), 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 are reduced as follows:
ITEM
Street Constriction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Mitigation Pond Constriction
N [_]RP Pond Constriction
Street Signs (I x 200)
Site Grading and Drainage Improvements
Park and Trail Improvements
Setting Iron Monuments
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL
CURRENT
NEW
AMOUNT
AMOUNT
AMOUNT
$ 68,399
$ -0-
$ -0-
50,264
-0-
-0-
36,105
-0-
-0-
27,201
-0-
-0-
4,800
1,200
-0-
-0-
-0-
-0-
7,086
-0-
-0-
200
-0-
-0-
40,154
1,500
-0-
-0-
-0-
-0-
2,000
-0-
-0-
28,345
324
-0-
$264,554
$ 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. 712981504 may be released accordingly.
Resolution No. 2007-071
Pike Lake Woods Addition (97079)
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 CURRENT
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $ 1,000 $ -0-
Cash in lieu of a letter of credit: $ 10,400 $ -0-
Adopted by the City Council on February 13, 2007.