HomeMy WebLinkAboutCity Council Resolution 2007-163CITY OF PLYMOUTH
RESOLUTION NO. 2007-163
REDUCING REQUIRED FINANCIAL GUARANTEE
QUAIL HOLLOW ADDITION (93134)
WHEREAS, in accordance with the development contract dated January 11, 1994,
Contractor Property Developers Company, developer of Quail Hollow Addition (93134),
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 ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
Street Constriction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Mitigation Pond Constriction
Sediment Pond Constriction
Street Signs (6 x 200)
Site Grading and Drainage
Improvements
Park and Trail Improvements
Setting Iron Monuments
Design, Administration, Inspection, As-
Bullts
TOTAL
$173,405
$-0-
$-0-
81,428
-0-
-0-
64,550
-0-
-0-
26,650
-0-
-0-
8,400
2,400
-0-
-0-
-0-
-0-
3,500
-0-
-0-
1,200
-0-
-0-
101,500
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
55,276
288
-0-
$515,909
$2,688
$-0-
C \Document, and Settnig, ,eng(kdd Local Settuig, TeupCCR ?00--163_16188 CCR 200--163 doe
Resolution No. 2007-163
Quail Hollow Addition (93134)
Page 2 of 2
That the required financial guarantee for the above items be reduced from $2,688 to $0
(zero). Letter of Credit No. 940118-1A1 be released by the Finance Department.
FURTHER BE IT RESOLVED that the financial guarantee for the following items per
Section 8.1 of the approved development contract be reduced as follows:
ITEM
Maintenance of Erosion and
Sediment
Control Plan, Street Sweeping,
and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 940405:
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$1,000 $-0-
$29,000 $7,250
FURTHER BE IT RESOLVED that the financial guarantee for the above items be
reduced from $7,250 to $0 (zero). Letter of Credit No. 940405 may be released by the
Finance Department.
Adopted by the City Council on April 10, 2007.
C \Document, and Settnig, ,eng(kdd Local Settuig, TeupCCR ?00--163_16188 CCR 200--163 doe