HomeMy WebLinkAboutCity Council Resolution 2005-462CITY OF PLYMOUTH
RESOLUTION NO. 2005-462
ACCEPTING STREETS AND UTILITIES FOR
CONTINUAL MAINTENANCE
HIDDEN TERRACE (2001107)
WHEREAS, in accordance with the development contract dated July 10, 2002, SVK Development,
Inc., developer of Hidden Terrace (2001107), 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 remain as follows:
ITEM
Street Constriction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Rain Garden Constriction
N [_JRP Pond Constriction
Street Signs (I x 200)
Park and Trail Improvements
Site Grading and Drainage Improvements
Setting Iron Monuments
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
$ 76,723
$ 15,345
$ -0-
94,620
18,924
-0-
53,909
10,782
-0-
34,876
6,975
-0-
8,000
2,200
2,200
40,000
7,500
7,500
2,200
-0-
-0-
400
-0-
-0-
6,528-
6,528-
6,528-
74,600
30,000
30,000
2,000
1,650
-0-
47,263
11,988
5,547
$ 441,119
$ 111,892
$ 51,775
That the required financial guarantee for the above items be reduced as detailed above from $111,892
to $51,775 to reflect the completed work. Letter of Credit No. SLMMSP02654 may be reduced
accordingly.
RESOLUTION NO. 2005-462
HIDDEN TERRACE (2001107)
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)
ORIGINAL CURRENT NEW
AMOUNT AMOUNT AMOUNT
Cash: $ 1,000 $ 1,000 $ 1,000
Letter of Credit No. SLN MSP02075: $ 8,750 $ 8,750 $ 8,750
FURTHER BE IT RESOLVED THAT the streets are accepted for continual maintenance as of
December 13, 2005, subject to the one-year guarantee by the Developer per Maintenance Bond No.
54158597 issued by United Fire and Casualty Company.
FURTHER BE IT RESOLVED THAT the utilities are accepted for continual maintenance as of
December 13, 2005, subject to the two-year guarantee by the Developer per Maintenance Bond No.
54158596 issued by United Fire and Casualty Company.
Adopted by the City Council on December 13, 2005.