HomeMy WebLinkAboutCity Council Resolution 1983-096lrewnrnt to duan call and notice thereat, a Special �setln9 of the City
Ca6ncil of the City of Plymouth, Minnesota was a on the 22nd day of
Februar 1963The following ambers were press"ni'�Wor Davenport,
en, Neils, Schneider 6 Threinen . The follow'nq members were
abim
was iso
Councilmember Neils introduced the following Resolution and moved its
t on:
RESOLUTION NO. 83-96
REDUCING DEVELOPMENT BOND
PLYMOUTH HILLS 3RD ADDITION (81032)
WHLREAS, in accordance with the amended development contract dated 'luly 12,
1982, Plymouth Hills Company, developer of Plymouth Hills 3rd Addition, (81032),
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 development bond to
reflect the completed work;
HOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE PITY OF
PLYMOUTH, MINNESOTA that the bonding requirements are reduced as follows:
ITEM
ORIGINAL AMOIMVT NEW AMOUNT
Street Construction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Pond or Ditch Construction
Street Signs
Street Sweeping and Storm Sewer Cleaning
Park and Trail Improvements
Maintenance of Erosion and Sediment Control Plan
Site Crading
Design, Administration, Inspection, As-Builts
TOTAL
$38,100 926,670
13,700
1,370
1,400
1,400
32,300
3,230
5,000
40000
-0-
-0-
300
3nO
2,500
2,500
-0-
-0-
2,000
2,000
35,300
14,120
15,672
9,090
5146,272 S64,680
That the letter of credit required be reduced from S146,272 to 564,680 to
reflect the completed work. The combined letter of credit on file with the City
can be reduced to $89,880 (Second Addition: $25,200; Third Addition: 964,680).
The letter of credit is identified by the First Plymouth National Rank as
Plymouth Hills Development Company - Irrevocable Letter of Credit No. 2.
The motion for the adaption of the foregoing Resolution was duly seconded by
Councilmember Moen and open vote being taken thereon, the
Moen w wider In favor aThret en f: Mayor Davenport, Councilmembers Neils,
ns ar 4MMUSE& none
9Msa*on the Resolution was declared drly