HomeMy WebLinkAboutCity Council Resolution 1991-550RESOLUTION NO. 91-550
REDUCING DEVELOPMENT BOND
PARKERS LAKE NORTH 6TH ADDITION (90066)
WHEREAS, in accordance with the development contract dated September 28, 1990, Laukka -
Williams Parkers Lake, developer of Parkers Lake North 6th Addition (90066), 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:
Street Construction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Pond or Ditch Construction
Street Signs
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection, As-Builts
TOTAL
$ 48,697
$ 9,739
24,376
4,875
65,877
13,175
9,300
1,860
2,250
2,250
-0-
-0-
150
150
67,000
5,000
4,334
26.638
4,334
4.966
$ 248,622
$ 46,349
That the letter of credit required for the above items be reduced as detailed above
from $248,622 to $46,349 to reflect the completed work. Certificate of Deposit No.
410-1206593 issued by Norwest Bank Minneapolis, N.A. can be reduced accordingly.
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:
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit:
(Say. Cert 1410 1206367)
Adopted by the City Council on September 16, 1991
$1,000 $1,000
$12,920 $12,920