HomeMy WebLinkAboutCity Council Resolution 1991-775CITY OF PLYMOUTH
RESOLUTION NO. 91-7/5
REDUCING DEVELOPMENT BOND
KINGS NORTH ADDITION (86068)
WHEREAS, in accordance with the development contract dated February 5, 1987, Kings
North Corporation, developer of Kings North Addition (86068), 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:
I= ORIGINAL AMOUNT NEW AMOUNT
Street Construction $ 91,019 $ -0-
Sanitary Sewer 73,168 -0-
Watermain 67,407 -0-
Storm Sewer 48,796 -0-
Boulevard and Drainage Swale Sod 8,400 -0-
Pond or Ditch Construction -0- -0-
Street Signs 750 -0-
Site Grading and Drainage Improvements 97,046 -0-
Park and Trail Improvements -0- -0-
Design, Administration, Inspection, As-Builts 46.390 -0-
TOTAL $ 432,976 $ -0-
That the letter of credit required for the above items be reduced as detailed above
from $2,688 to $0 (zero) to reflect the completed work.
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:
W�
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning Cash:
Letter of Credit:
$1,000 $-0-
$32,260 $-0-
FURTHER BE IT RESOLVED that the letter of credit (No. 119R) for the above items is
reduced from $4,000 to $0 (zero) and the $1,000 cash deposit is reduced to $0 (zero)
contingent upon the payment by the developer of an unpaid invoice in the amount of
$435.
Adopted by the City Council on December 2, 1991