HomeMy WebLinkAboutCity Council Resolution 1986-828CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a regular meeting of the City
Council of the City of Plymouth, Minnesota was held on the 15th day
of December , 1986. The following members were present:
Mayor Schneider._Councilmembers Crain, Sisk. Vasiliou, and Zitur
The following members were absent: none
Councilmember Sisk introduced the following Resolution and moved
its adoption:
RESOLUTION NO. 86- 828
REDUCING DEVELOPMENT BOND
HOLIDAY WEST ADDITION (83025)
WHEREAS, in accordance wit`, the development contract dated July 7, 1983,
Lyndale Terminal Company, developer of Holiday West Addition (83025) 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;
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 $
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
Site Grading and Drainage Improvements
Maintenance of Erosion and
Sediment Control Plan
Design, Administration, Inspection, As-Builts
TOTAL
-0-
$ -0-
-0-
-0-
-0-
-0-
-0-
-0-
7,878
-0-
-0-
-0-
150
-0-
2,000
-0-
13,984
-0-
85,000
-0-
2,000
-0-
13,321
-0-
$124,333 $ -0-
That the letter of credit required be reduced from $3,863 to $0 (Zero) to
reflect the completed work. Safeco Insurance Companies Bond No. 4129356 is
hereby released.
FURTHER BE IT RESOLVED, that in accordance with City ordinances the developer
provided Bond No. 4129354 to guarantee the payment of the first two years of
special assessments; and
Resolution No. 86-828
Page Two
WHEREAS, the developer has requested a reduction of the development bond to
reflect the completed payments;
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 BOND AMOUNT NEW AMOUNT
Two year payment guarantee
for special assessments $135,633 $ 67,817
That the letter of credit required be reduced from $135,633 to $67,817 to reflect
the payments made to date, and Bond No. 4129354 must remain in force until
December 1, 1987.
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.