HomeMy WebLinkAboutCity Council Resolution 2006-272CITY OF PLYMOUTH
RESOLUTION NO. 2006-272
FINAL RELEASE OF FINANCIAL GUARANTEE
PLUM TREE ADDITION (94162)
WHEREAS, in accordance with the development contract dated April 18, 1996, Lundgren Brothers
Constriction, Inc., developer of Plum Tree Addition (94162), 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:
That the required financial guarantee for the above items be reduced as detailed above from $1,792 to
$0 (zero) to reflect the completed work. Letter of Credit No. FGAC-99140 may be reduced
accordingly.
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Constriction
$ 157,000
$ -0-
$ -0-
Sanitary Sewer
130,000
-0-
-0-
Watermain
119,000
-0-
-0-
Storm Sewer
63,000
-0-
-0-
Boulevard and Drainage Swale Sod
7,600
1,600
-0-
Mitigation Pond Constriction
4,000
-0-
-0-
N[_]RP Pond Constriction
7,000
-0-
-0-
Street Signs (3 x 200)
600
-0-
-0-
Site Grading and Drainage Improvements
160,000
-0-
-0-
Park and Trail Improvements
29,212
-0-
-0-
Setting Iron Monuments
3,000
-0-
-0-
Design, Administration, Inspection, As-Builts
81,649
192
-0-
TOTAL
$ 762,061
$ 1,792
$ -0-
That the required financial guarantee for the above items be reduced as detailed above from $1,792 to
$0 (zero) to reflect the completed work. Letter of Credit No. FGAC-99140 may be reduced
accordingly.
RESOLUTION NO. 2006-272
PLUM TREE ADDITION (94162)
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. FGAC-99139:
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ 1,000 $ 1,000 $-0-
$29,750
-0-
$29,750 $ 3,000 $ -0-
FURTHER BE IT RESOLVED that the financial guarantees for the above item be reduced from
$1,000 to $0 (zero) and $3,000 to $0 (zero). Letter of Credit No. FGAC-99139 may be reduced
accordingly.
Adopted by the City Council on July 11, 2006.