HomeMy WebLinkAboutCity Council Resolution 1991-677RESOLUTION NO. 91-677
REDUCING DEVELOPMENT BOND
TYRELL FIFTH ADDITION (87029)
WHEREAS, in accordance with the development contract dated October 14, 1987, Hans Hagen
Homes, Inc., developer of Tyrell Fifth Addition (87029), 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:
W
Street Construction
(See Punch List Dated 8/2/90)
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Pond or Ditch Construction
Street Signs
S+te Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL AMOUNT
$ 41,950
NEW AMOUNT
$ -0-
-0-
-0-
-0-
-0-
-0-
-0-
5,800
-0-
-0-
-0-
300
-0-
20,000
-0-
-0-
8.166
-0-
_0-
$ 76,216
$ -0-
That the letter of credit required for the above items was previously reduced to $0
(zero) as detailed above to reflect the completed work. Letter of Credit No. 5759 has
been 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:
W57
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit:
$ 1,000 $1,000
$11,400 $1,200
FUP.PHER BE IT RESOLVED that the guarantee requirement for Maintenance of Erosion and
Sediment Control Plan, street sweeping, and storm sewer cleaning shall remain at $1,000
cash and Letter of Credit No. SB5758 is reduced from $5,700 to $1,200.
Adopted by the City Council on October 21, 1991