HomeMy WebLinkAboutCity Council Resolution 2006-474CITY OF PLYMOUTH
RESOLUTION NO. 2006-474
FINAL RELEASE OF FINANCIAL GUARANTEE
SUMMER CREEK ADDITION (20103)
WHEREAS, in accordance with the development contract dated June 27, 2001, GM Land Company,
Inc., developer of Summer Creek Addition (20103), 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:
ITEM
Street Constriction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Pond Constriction
Mitigation Pond Constriction
N [_]RP Pond Constriction
Street Signs (I x 200)
Park Trail Improvements
Site Grading and Drainage Improvements
Setting Iron Monuments
Design, Administration, Inspection, As-Builts
ORIGINAL
CURRENT
NEW
AMOUNT
AMOUNT
AMOUNT
$ 74,068
$ 14,814
$ -0-
43,626
8,725
-0-
46,970
9,394
-0-
91,547
18,309
-0-
2,200
440
-0-
-0-
-0-
-0-
200
200
-0-
4,600
4,600
-0-
200
-0-
-0-
-0-
-0-
-0-
134,120
26,824
-0-
1,500
1,500
-0-
47,884
10,177
-0-
$446,915
$ 94,983
$ -0-
That the required financial guarantee for the above items be reduced as detailed above from $94,983 to
$0 (zero) to reflect the completed work. Letter of Credit No. 21059 may be released accordingly.
Resolution No. 2006-474
Summer Creek Addition (20103)
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
ORIGINAL NEW NEW
AMOUNT AMOUNT AMOUNT
Cash: $ 1,000 $ 1,000 $ -0-
Letter of Credit No. 21058: $ 4,250 $ 4,250 $ -0-
Letter of Credit No. 21058 and the remainder of the $1,000 cash financial guarantee may be released
accordingly.
Adopted by the City Council on November 28, 2006.