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HomeMy WebLinkAboutCity Council Resolution 1986-549CITY OF PLYMOUTH Pursuant to due call and notice thereof, a special meeting of the City Council of the City of Plymouth, Minnesota was held on the 8th day of Se tember , 1986. The following members were presen77-Rayor Schneider, ounci.mem ers rain, Sisk, Vasiliou, and Zitur The following members were absent: none Councilmember Sisk introduced the following Resolution and moved its adoption: RESOLUTION NO. 86- 549 REDUCING DEVELOPMENT BOND TAMMIE MIDDLEMIST ADDITION (85048) WHEREAS, in accordance with the development contract dated June 5, 1985, Robert Middlemist, Jr., developer of Tammie Middlemist Addition (85048) has agreed to install certain improvements for said development; and WHEREAS, the developer has completeu 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; NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH that the bonding requirements are reduced as follows: ITEM ORIGINAL AMOUNT NEW AMOUNT Street Construction $ 52,900 $10,400 Sanitary Sewer 28,900 -0- Watermain 35,400 -0- Storm Sewer 25,500 -0- Boulevard and Drainage Swale Sod 5,000 3,400 Pond or Ditch Construction -0- -0- Street Signs 300 300 Site Grading and Drainage Improvements 42,500 4,250 Park and Trail Im3rovements -0- -0- Design, Administration, Inspection, As-Builts 22,860 2,202 TOTAL $ 213,360 $20,552 That the letter of credit required previously reduced from $21,224 to $20,552 remain at $20,552 to reflect the completed work. FURTHER BE IT RESOLVED that the bonding requirements for the fallowing items per Section 8.1 of the approved development contract be reducEl as follows: ITEM ORIGINAL AMOUNT NEW AMOUNT Maintenance of Erosion and Sediment Control Plan, Street Sweeping and Storm Sewer Cleaning Cash: $ 1,000 $ 1,000 Letter of Credit: $23,820 $12,400 P Resolution No. 86- 549 FURTHER BE IT RESOLVED that the letter of credit required for public improvements (Project 504) originally set at $45,351 per the development contract and reduced to $14,704 on August 25, 1986 can now be further reduced to $0 (zero) and Irrevocable Letter of Credit No. 398 can be released. The motion for the adoption of the foregoing Resolution was duly seconded by Councilmember Zitur , and upon vote being taken thereon, the following voted in favor thereof: Mayor Schneider, Councilmembers Crain, Sisk, Vasiliou, and Zitur The following voted against or abstained: none Whereupon the Resolution was declared duly passed and adopted. ,tit* Ott ,rk*