HomeMy WebLinkAboutCity Council Resolution 2006-406CITY OF PLYMOUTH
RESOLUTION NO. 2006-406
FINAL RELEASE OF FINANCIAL GUARANTEES
PAULA'S PLACE (2001017)
WHEREAS, in accordance with the development contract dated July 10, 2002, Three Star Tricking,
developer of Paula's Place (2001017), 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 $4,500 to $0
(zero) to reflect the completed work. Letter of Credit No. 2002-10 may be reduced accordingly and released
by the Finance Department.
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Constriction
$ 74,965
-0-
-0-
Sanitary Sewer
34,687
-0-
-0-
Watermain
26,720
-0-
-0-
Storm Sewer
24,024
-0-
-0-
Boulevard and Drainage Swale Sod
1,500
-0-
-0-
Pond Constriction
-0-
-0-
-0-
Mitigation Pond Constriction
4,500
4,500
-0-
N [_JRP Pond Constriction
-0-
-0-
-0-
Street Signs (1 x 200)
200
-0-
-0-
Park and Trail Improvements
-0-
-0-
-0-
Site Grading and Drainage Improvements
67,115
-0-
-0-
Setting Iron Monuments
3,000
-0-
-0-
Design, Administration, Inspection, As-Builts
28,405
-0-
-0-
TOTAL
$ 265,116
$4,500
$-0-
That the required financial guarantee for the above items be reduced as detailed above from $4,500 to $0
(zero) to reflect the completed work. Letter of Credit No. 2002-10 may be reduced accordingly and released
by the Finance Department.
RESOLUTION NO. 2006-406
PAULA'S PLACE (2001017)
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
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $ 1,000
Letter of Credit No. 2002-3: $ 4,250
Adopted by the City Council on October 10, 2006.
$-0-
$-0-
Adopted
-0-
$-0-