HomeMy WebLinkAboutCity Council Resolution 2006-457CITY OF PLYMOUTH
RESOLUTION NO. 2006-457
FINAL RELEASE OF FINANCIAL GUARANTEE
HOLLY CREEK 4TH ADDITION (95027)
WHEREAS, in accordance with the development contract dated November 21, 1995, Scherber Partnership
Properties, developer of Holly Creek 4th Addition (95027), 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 are reduced as follows:
ITEM
Street Constriction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Mitigation Pond Constriction
N [_]RP Pond Constriction
Street Signs (1 x 200)
Site Grading and Drainage Improvements
Park and Trail Improvements
Setting Iron Monuments
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL
CURRENT
NEW
AMOUNT
AMOUNT
AMOUNT
$ 17,009
$ -0-
$ -0-
9,583
-0-
-0-
11,106
-0-
-0-
2,846
-0-
-0-
1,800
-0-
-0-
3 800
3,800
-0-
-0-
-0-
-0-
200
-0-
-0-
26,028
-0-
-0-
5,060
-0-
-0-
900
-0-
-0-
9,400
456
-0-
$87,731
$ 4,256
$ -0-
That the required financial guarantee for the above items be reduced as detailed above from $4,254 to $0
(zero) to reflect the completed work. Letter of Credit No. 626234 may be released accordingly.
Resolution No. 2006-457
Holly Creek 4TH Addition (95027)
Page 2 of 2
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:
ORIGINAL NEW
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $ 1,000 $ -0-
Letter of Credit No. 624502: $ 5,750 $ -0-
Adopted by the City Council on November 14, 2006.