HomeMy WebLinkAboutCity Council Resolution 2007-363CITY OF PLYMOUTH
RESOLUTION NO. 2007-363
FINAL RELEASE OF FINANCIAL GUARNATEE
THE FIELDS OF NANTERRE THIRD ADDITON (2001148)
WHEREAS, in accordance with the development contract dated April 17, 2002, The
Ryland Group, Inc., developer of The Fields of Nanterre Third (2001148), 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
be reduced as follows:
ORIGINAL CURRENT NEW
ITEM AMOUNT AMOUNT AMOUNT
Street Constriction
Sanitary Sewer
Watermain
Remove Storm Sewer
Abandon Sewer and Water Service
Street Signs
Site Grading and Drainage
Improvements
Retaining Walls
Street Lights
Setting Iron Monuments
Design, Administration, Inspection, As-
Bullts
TOTAL
$ 103,611
-0-
$ -0-
16,530
-0-
-0-
24,803
-0-
-0-
500
-0-
-0-
3,000
-0-
-0-
1,700
-0-
-0-
49,847
5,000
-0-
27,550
27,500
-0-
3,000
-0-
-0-
4,000
-0-
-0-
28,145
-0-
-0-
$262,686
$ 32,500
$ -0-
C \Document, and Settnig, ,eng(kdd Local Settuig, TeupCCR ?00--363_166 _5 CCR 200--363 doe
RESOLUTION NO. 2007-363
THE FIELDS OF NANTERRE THIRD ADDITION (2001148)
Page Two
That the required financial guarantee for the above items be reduced as detailed above
from $32,500 to $0 (zero) to reflect the completed work. Letter of Credit No. 3064404
may be released accordingly.
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
Covered by PAddition Cash: $ 1,000 $ -0-
Letter of Credit No. 3048251: $ 39,950 $ -0-
Adopted by the City Council on August 28, 2007.
C \Document, and Settnig, ,eng(kdd Local Settuig, TeupCCR ?00--363_166 _5 CCR 200--363 doe