HomeMy WebLinkAboutCity Council Resolution 2006-230CITY OF PLYMOUTH
RESOLUTION NO. 2006-230
FINAL RELEASE OF FINANCIAL GUARANTEES
THE RESERVE (20092)
WHEREAS, in accordance with the development contract dated July 11, 2001, Rottlund Company, Inc.,
developer of The Reserve (20092), 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 remain as follows:
ITEM
Street Constriction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Mitigation Pond Constriction
N [_JRP Pond Constriction
Rain Garden
Street Signs (8 x 200)
Site Grading and Drainage Improvements
Park and Trail Improvements
Setting Iron Monuments
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL CURRENT
AMOUNT AMOUNT
$ 1,004,392
$ -0-
437,289
-0-
484,539
-0-
748,676
-0-
15,800
-0-
52,500
-0-
52,500
-0-
16,400
-0-
1,600
-0-
1,790,642
-0-
57,000
-0-
9,500
-0-
560,501
-0-
$5,231,339
$ -0-
RESOLUTION NO. 2006-230
THE RESERVE (20092)
Page Two
FURTHER BE IT RESOLVED that the financial guarantee requirements 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. 577:
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ 1,000 $ 1,000 $ -0-
$ 156,500 $10,000 $ -0-
FURTHER BE IT RESOLVED that the financial guarantees for the above items be reduced from $1,000
cash to $0 (zero) and Letter of Credit No. 577 from $10,000 to $0 (zero).
Adopted by the City Council on June 13, 2006.