HomeMy WebLinkAboutCity Council Resolution 2006-231CITY OF PLYMOUTH
RESOLUTION NO. 2006-231
FINAL RELEASE OF FINANCIAL GUARANTEES
THE RESERVE SECOND ADDITION (2002054)
WHEREAS, in accordance with the development contract dated June 19, 2002, Rottlund Company, Inc.,
developer of The Reserve Second Addition (2002054), 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 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:
That the required financial guarantee for the above items be reduced as detailed above from $5,040 ($3,360 x
150%) to $0 (zero) to reflect the completed work. The Subdivision Bond No. 929262820 may be released by
the Finance Department.
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Constriction
$ 578,998
$ -0-
$ -0-
Sanitary Sewer
392,114
-0-
-0-
Watermain
536,376
-0-
-0-
Storm Sewer
373,698
-0-
-0-
Boulevard and Drainage Swale Sod
26,000
3,000
-0-
Mitigation Pond Constriction
-0-
-0-
-0-
N [_JRP Pond Constriction
-0-
-0-
-0-
Street Signs (7 x 200)
1,400
-0-
-0-
Site Grading and Drainage Improvements
759,000
-0-
-0-
Sidewalk Improvements
65,504
-0-
-0-
Setting Iron Monuments
7,600
-0-
-0-
Design, Administration, Inspection, As-Builts
328,883
360
-0-
TOTAL
$ 3,069,573
$3,360
$ -0-
That the required financial guarantee for the above items be reduced as detailed above from $5,040 ($3,360 x
150%) to $0 (zero) to reflect the completed work. The Subdivision Bond No. 929262820 may be released by
the Finance Department.
RESOLUTION NO. 2006-231
THE RESERVE SECOND ADDITION (2002054)
Page Two
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 NEW
ITEM AMOUNT AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning [Included in The Reserve —
(20092)]
Cash: $ -0- $ -0- $ -0-
Financial Guarantee: $ -0- $ -0- $ -0-
Adopted by the City Council on June 13, 2006.