HomeMy WebLinkAboutCity Council Resolution 2005-025CITY OF PLYMOUTH
RESOLUTION NO. 2005-025
ACCEPTANCE OF UTILITIES FOR CONTINUAL MAINTENANCE
GRAMERCY PARK NORTHWEST COOPERATIVE (20137)
WHEREAS, in accordance with the Development Contract dated May 8, 2001, Frana & Sons, Inc., developer
of Gramercy Park Northwest Cooperative (20137), has agreed to install certain improvements for said
development; and
WHEREAS, the developer has completed a portion of the street, utility and site grading as noted below; and
WHEREAS, the developer has requested a reduction 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 $179,196 to
$13,538 to reflect the completed work. The financial guarantee may be reduced accordingly. The Site
Improvement Bond, No. 375B103318528BMC may be reduced from $268,794 ($179,196 x 150%) to
$20,307 (13,538x150%).
ORIGINAL
NEW
ITEM
AMOUNT
AMOUNT
Street Constriction
$ -0-
$ -0-
Sanitary Sewer
15,547
-0-
Watermain
36,091
-0-
Storm Sewer
-0-
-0-
Boulevard and Drainage Swale Sod
-0-
-0-
N[_]RP Pond Constriction
57,940
11,588
Street Signs
-0-
-0-
Park and Trail Improvements
-0-
-0-
Site Grading and Drainage Improvements
-0-
-0-
Setting Iron Monuments
500
500
Design, Administration, Inspection, As-Builts
19,200
1450
TOTAL
$ 179,196
$13,538
That the required financial guarantee for the above items be reduced as detailed above from $179,196 to
$13,538 to reflect the completed work. The financial guarantee may be reduced accordingly. The Site
Improvement Bond, No. 375B103318528BMC may be reduced from $268,794 ($179,196 x 150%) to
$20,307 (13,538x150%).
RESOLUTION NO. 2005-025
GRAMERCY PARK NORTHWEST COOPERATIVE
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:
ITEM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning (see Grading Permit for
Financial Guarantee Requirements)
Cash:
Financial Guarantee
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ -0- $ -0- $-0-
$-0-
-0-
$-0- $ -0- $ -0-
FURTHER BE IT RESOLVED that the watermain and sanitary sewer, are accepted for continual
maintenance as of January 25, 2005 subject to the two year guarantee by Frana and Sons, Inc., issued by
Travelers Casualty and Surety Company of America.
Adopted by the City Council on January 25, 2005.