HomeMy WebLinkAboutCity Council Resolution 2007-162CITY OF PLYMOUTH
RESOLUTION NO. 2007-162
REDUCING REQUIRED FINANCIAL GUARANTEE
SWAN LAKE SOUTH ADDITION (92112)
WHEREAS, in accordance with the development contract dated April 12, 1993, JANCO, Inc.,
developer of Swan Lake South Addition (92112), 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 bonding requirements are reduced as follows:
ITEM
Street Constriction
(Except City Proj. No.
011)
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage
Swale Sod
Mitigation Pond
Constriction
Drainage Pond Constriction
Street Signs (5 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
$202,546
$-0-
$-0-
109,092
-0-
-0-
91,596
-0-
-0-
61,242
-0-
-0-
13,000
800
-0-
1,020
-0-
-0-
17,100
-0-
-0-
1,000
-0-
-0-
255,455
-0-
-0-
9,150
-0-
-0-
4,875
-0-
-0-
91,929
96
-0-
$858,005
$896
$-0-
C Documents and Settnig,Asengikdd Local Settuigs\Temp CCR 200--162 1618- CCR 200--162 doe
Resolution No. 2007-162
Swan Lake Addition (92112)
Page Two
That the letter of credit required for the above items be reduced from to $896 to
$0 (zero). Letter of Credit No. S402109 may be released by the Finance
Department.
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
Cash:
Letter of Credit No. 122095:
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ 1,000 $ -0- $ -0-
$59,000 $7,250 -0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items be reduced from
$7,250 to $0. Letter of Credit No. 122095 may be released by the Finance Department.
Adopted by the City Council on April 10, 2007.
C Documents and Settnig,Asengikdd Local Settuigs\Temp CCR 200--162 1618- CCR 200--162 doe