HomeMy WebLinkAboutCity Council Resolution 1988-587CITY 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 13th day of September
1988. The following members were present: Mayor Schneider, Councilmembers Vasiliou ,
Ricker and Zitur
The following members were absent: Councilmember Sisk
Councilmember Zitur introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 88-587
REDUCING DEVELOPMENT BOND
PLYMOUTH HILLS 2ND ADDITION (80060)
WHEREAS, in accordance with the amended development contract dated January 26, 1981,
Plymouth Hills Company, developer of Plymouth Hills 2nd Addition (80060), 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,
MINNESOTA; that the bonding requirements are reduced as follows:
"3,
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 & Sediment Control Plan
Site Grading
Design, Administration, Inspection, As-Builts
TOTAL
$ 20,000
$ -0-
-0-
-0-
-0-
-0-
-0-
-0-
2,000
-0-
-0-
-0-
-0-
-0-
500
-0-
-0-
-0-
-0-
-0-
-0-
2.700
-0-
0
$ 25,200
$ -0-
That the letter of credit required be reduced from $3,000 to $0 (zero) to reflect the
completed work. The combined letter of credit on file with the City can be reduced to
$41,966 (Second Addition: $0 (zero), Third Addition: $41,966). The letter of credit
is identified by the First Plymouth National Bank as Plymouth Hills Development
Company - Irrevocable Letter of Credit No. 2.
The motion for the adoption of the foregoing Resolution was duly seconded by
Councilmember Ricker , and upon vote being taken thereon, the following voted
in favor thereof: Mayor Schneider, Councilmembers Vasiliou, Ricker and Zitur
The following voted against or abstained: None
Whereupon the Resolution was declared duly passed and adopted.