HomeMy WebLinkAboutCity Council Resolution 1991-671CITY OF PLYMOUTH
ESOLUTION NO. 91-671
REDUCING DEVELOPMENT BOND
FISCHERS POND ADDITION (89039)
WHEREAS, in accordance with the development contract dated March 1, 1990, Madpatt
Enterprises and Esther J. Smith, developer of Fischers Pond Addition (89039), 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:
pw
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
$ 87,000
$ -0-*
45,000
-0-*
45,200
-0-*
29,800
-0-*
5,200
4,200
-0-
-0-
450
-0-
24,000
4,800
-0-
28.398
-0-
1.080
$ 265,048
$10,080
That the letter of credit required for the above items be reduced as detailed above
from $58,072 to $10,080 to reflect the completed work. Letter of Credit No. 91-1 is
hereby reduced acc( ,singly.
FURTHER BE IT RESOLVED that the bonding requirements for the following item per
Section 8.1 of the approved development contract be reduced as followes
W-17,
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cashs
Letter of Credit:
S -o- 8-0-
$-0- $-0-
* FURTHER BE IT RESOLVED that the sanitary sewer, watermin. storm surer, street
construction and concrete curb and gutter were accepted for continual maintenance as of
September 10, 1990 subject to the One Year Guarantee by the Developer. Pursuant to the
developer's request, a 202 retainer was held as the required development bond for the
sanitary sewer, watermain, storm sewer, street construction, and concrete curb and
gutter in lieu of the requested maintenance bond. Now that the One Year Guarantee
Period has expired, Letter of Credit No. 91-1 is hereby reduced accordingly.
Adopted by the City Council on October 21, 1991.