HomeMy WebLinkAboutCity Council Resolution 2007-316CITY OF PLYMOUTH
RESOLUTION NO. 2007-316
ACCEPTING UTILITIES FOR CONTINUAL MAINTENANCE
TARYN HILLS (2005045)
WHEREAS, in accordance with the development contract dated December 28, 2005, US Home Corporation,
developer of Taryn Hills (2005045), has agreed to install certain improvements for said development; and
WHEREAS, the developer has completed a portion of the street, utility and site grading as noted below; and
WHEREAS, the developer has requested a reduction 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
County Road 47 & Vicksburg Lane
Constriction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Trail Improvements
Street & Traffic Control Signs
Sidewalk Improvements
Landscaping (plantings)
Rain Garden
Buffer Posts
Site Grading and Drainage Improvements
Setting Iron Monuments
Street Lights
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL
CURRENT
NEW
AMOUNT
AMOUNT
AMOUNT
1,594,000
797,000
797,000
795,000
159,000
159,000
2,290,000
458,000
-0-
1,700,000
340,000
-0-
882,000
176,400
-0-
75,000
37,500
37,500
44,700
8,900
8,900
15,000
7,500
7,500
183,300
37,000
37,000
112,950
100,000
100,000
10,000
10,000
10,000
10,000
5,000
5,000
4,368,592
874,000
874,000
45,000
-0-
-0-
120,000
24,000
24,000
1,469,465
364,116
247,188
$13,715,007
3,398,416
2,307,088
That the required financial guarantee for the above items be reduced as detailed above from $3,398,416 to
$2,307,088 to reflect the completed work. Letter of Credit No. FGAC-06044 may be reduced accordingly.
Resolution No. 2007-316
Page 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:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning (see Grading Permit for Financial
Guarantee Requirements)
Cash:
Financial Guarantee Letter of Credit No. FGAC-
06048
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$ 264,150 $ 264,150
FURTHER BE IT RESOLVED that the utility constriction is accepted for continuous
maintenance as of July 24, 2007 subject to the two-year guarantees by the contractors per
Maintenance Bond No. 54159552 ($3,272,000 expires July 13, 2009) issued by United
Fire & Casualty and Bond No. 104931454 ($1,600,000 expires July 24, 2009) issued by
Travelers Casualty and Surety Company of America.
Adopted by the City Council on July 24, 2007.