HomeMy WebLinkAboutCity Council Resolution 1991-555RESOLUTION NO. 91-555
REDUCING DEVELOPMENT BOND
PRIME WEST BUSINESS PARK 4TH ADDITION (88145)
WHEREAS, in accordance with the development contract dated February 7, 1989, 55
Business Park Master Planning Partnership by its General Partner Prime Development
Corporation, developer of Prime West Business Park 4th Addition (88145), 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
$ -0-
$ -0-
-0-
-0-
900
-0-
7,700
-0-
-0-
-0-
5,400
-0-
-0-
-0-
-0-
-0-
-0-
1.680
-0-
-0-
$ 15,680
$ -0-
That the letter of credit required for the above items be reduced as detailed above
from $15,600 to $0 (zero) to reflect the completed work. Letter of Credit No. S0050414
is hereby reduced accordingly and can be released.
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 (See SIPA for
required financial guarantees)
Cash:
Letter of Credit:
$-0- $-0-
$-0- $-0-
FURTHER BE IT RESOLVED that the storm sewer construction is accepted for continual
maintenance as of September 16, 1991, subject to the One Year Guarantee by the
Developer.
Adopted by the City Council on September 16, 1991
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