HomeMy WebLinkAboutCity Council Resolution 1987-573CITY 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 14th day
of September , 1987. The following members were present:
Mayor Schneider, Councilmembers Vasiliou, Zitur, Crain and Sisk
The following members were absent: None
Councilmember Zitur introduced the following Resolution and moved
its adoption:
RESOLUTION NO. 87-573
REDUCING DEVELOPMENT BOND
SWAN LAKE ADDITION (85027)
WHEREAS, in accordance with the development contract dated September 17, 1985,
Gordon Johnson Company, the developer of Swan Lake Addition (85027), 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
Street Construction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard 6 Drainage
Swale Sod
Pond or Ditch Construction
Street Signs
Park and Trail Improvements
Site Grading b
Drainage Improvements
Design, Administration,
Inspection, As-Builts
TOTAL
ORIGINAL AMOUNT
NEW AMOUNT
Project 539
Private
Project 539
Private
$354,213
$ -0-
$ -0-
$ -0-
178,821
-0-
-0-
-0-
159,511
-0-
-0-
-0-
90,362
-0-
-0-
-0-
-0-
16,000
-0-
7,400
-0-
-0-
-0-
-0-
-0-
1,050
-0-
-0-
-0-
-0-
-0-
-0-
-0-
114,000
-0-
11,00
-0-
15,726
-0-
2,256
$782,907
$146,776
$ -0-
$21,056
That the letter of credit required for the above private items previously
reduced as detailed above from $146,776 to $31,864 to reflect the completed
work be further reduced to $21,056.
Resolution No. 87-573
Page Two
FURTHER BE IT RESOLVED that the bonding requirements for the following items
per Section 8.1 of the approved development contract be reduced as follows:
ITEM
Maintenance of Erosion and
Sediment Control Plan,
Street Sweeping and Storm
Sewer Cleaning Cash:
Letter of Credit:
ORIGINAL AMOUNT NEW AMOUNT
$ 1,000 $ 1,000
$66,600 $20,000
FURTHER BE IT RESOLVED that the letter of credit required for public
improvements (Project 539) originally set a $469,744 per the development
contract and reduced to $339,238 when bid prices were determined and a
contract awarded and subsequently reduced to $77,978 can now be reduced to $
-0- (zero) to reflect credit for special assessments paid as lots have been
sold. Letter of Credit No. 85-86 is hereby released.
The motion for the adoption of the foregoing Resolution was duly seconded by
Councilmemher Vasiliou , and upon vote being taken thereon, the
following voted in favor thereof: Mayor Schneider, Councilmembers Vasiliou,
_Zitur. Crain and Sisk
The following voted against or abstained: None
Whereupon the Resolution was declared duly passed and adopted.
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