HomeMy WebLinkAboutCity Council Resolution 1991-716CITY OF PLYMOUTH
RESOLUTION NO. 91- 716
REDUCING DEVELOPMENT BOND
STEEPLECHASE 8TH ADDITION (90068)
WHEREAS, in accordance with the development contract dated August 2, 1990, Lundgren
Brothers Construction, Inc., developer of Steeplechase 8th Addition (90068), 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:
IT
Street Construction
ORIGINAL AMOUNT
$ 40,000
NEW AMOUNT
$ -0-
Sanitary Sewer
29,000
-0-
Watermain
20,000
-0-
Storm Sewer
30,000
-0-
Boulevard and Drainage Swale Sod
3,600
600
Pond or Ditch Construction
-0-
-0-
Street Signs
150
-0-
Site Grading and Drainage Improvements
29,400
-0-
Park and Trail Improvements
3,000
-0-
Design, Administration, Inspection, As-Builts
18.618
_U
TOTAL
$ 173,768
$ 672
That the letter of credit required for the above items be reduced as detailed above
from $13,832 to $672 to reflect the completed work. This letter of credit is
identified as Letter of Credit No. 576 and it 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: $ 11000 $ 1,000
Letter of Credit: $10,600 $ 11000
FURTHER BE IT RESOLVED that the required financial guarantee for Maintenance of Erosion
and Sediment Control Plan, street sweeping, and storm sewer cleaning remains at $1,000
cash with Letter of Credit No. 577 being reduced from $5,300 to $1,000.
FURTHER BE IT RESOLVED also that the street construction and concrete curb and gutter
is accepted for continual maintenance as of November 4, 1991 subject to the two year
guarantee by the developer per Bond No. 3 50 58 38.
Adopted by the City Council on November 4, 1991.