HomeMy WebLinkAboutCity Council Resolution 1988-588CITY 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. 88-588
REDUCING DEVELOPMENT BOND
PLYMOUTH HILLS 3RD ADDITION (81032)
WHEREAS, in accordance with the development contract dated July 12, 1982, Plymouth
Hills Company, developer of Plymouth Hills 3rd Addition, (81032), has agreed to install
certain improvement.s for said development; and
WHEREAS, the developer has completed a porticn 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:
Street Construction $
38,100
Sanitary Sewer
13,700
Watermain
1,400
Storm Sewer
32,300
Boulevard and Drainage Swale Sod
5,000
Pond or Ditch Construction
-0-
Street Signs
300
Street Sweeping and Storm Sewer Cleaning
2,500
Site Grading
35,300
Park and Trail Improvements
-0-
Maintenance of Erosion and Sediment Control Plan
2,000
Design, Administration, Inspection, As-Builts
15.672
TOTAL
$ 26,670
1,370
1,400
3,230
-0-
-0-
300
2,500
-0-
-0-
2,000
4.496
$ 146,272 $ 41,966
That the letter of credit required be reduced from $64,680 to $41,966 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: Mal -or Schneider, Councilmembers Vasiliou. Ricker and Zitur ,
The following voted against or abstained: None
Whereupon the Resolution was declared duly 1:assed and adopted.