HomeMy WebLinkAboutCity Council Resolution 2005-186CITY OF PLYMOUTH
RESOLUTION NO. 2005-186
FINAL RELEASE OF FINANCIAL GUARANTEE
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 utility and site grading as noted below; and
WHEREAS, the developer has requested a final 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:
ORIGINAL CURRENT NEW
ITEM AMOUNT AMOUNT AMOUNT
Street Constriction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
N [_]RP Pond Constriction
Street Signs
Park and Trail Improvements
Site Grading and Drainage
Improvements
Setting Iron Monuments
Design, Administration, Inspection, As-
Bullts
$ -0-
-0-
$ -0-
15,547
-0-
-0-
36,091
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
57,940
11,588
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
500
500
-0-
19,200
1,450
-0-
TOTAL $ 179,196 13,538 $-0-
That the required financial guarantee for the above items be reduced as detailed above
from $13,538 to $0 (zero) to reflect the completed work. The Site Improvement Bond,
No. 37SBI03318528BMC may be reduced from $20,307 (13,538x150%) to $0 (zero)
and released by the Finance Department.
RESOLUTION NO. 2005-186
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:
Adopted by the City Council on May 10, 2005.
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ -0- $ -0- $-0-
$-0-
-0-
$-0- $ -0- $ -0-