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HomeMy WebLinkAboutCity Council Resolution 1991-678RESOLUTION NO. 91-678 REDUCING DEVELOPMENT BOND PARICERS 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 HERE -11 RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA; that the bonding requirements are reduced as follows: Kuoi: v 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 ORIGINAL AMOUNT $ 48,697 NEW AMOUNT $ 7,250 24,376 -0- 65,877 -0- 9,300 -0- 2,250 1,500 -0- -0- 150 -0- 67,000 11000 4,334 4,334 $ 248,622 $ 15,774 That the letter of credit required for the above items be reduced as detailed above from $46,349 to $15,774 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 item 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 Credits (Say. Cert /410 1206367) $1,000 $1,000 $12,920 $12,920 FURTHER BE IT RESOLVED that the sanitary sewer, watermain, and storm sewer construction is accepted for continual maintenance as of October 21, 1991 subject to the One Year Guarantee by the Developer. Adopted by the City Council on October 21, 1991