HomeMy WebLinkAboutCity Council Resolution 1992-019CITY OF PLYMOUTH
RESOLUTION NO. 92-19
REDUCING DEVELOPMENT BOND
STEEPLECHASE 5TH ADDITION (88041)
WHEREAS, in accordance with the development contract. dated June 6, 1988, Lundgren
Brothers Construction, Inc., developer of Steeplechase 5th Addition (88041), 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:
Street Construction (Excluding Proj. 813)
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
$ -0-
$ -0-
-0-
-0-
-0-
-0-
-0-
-0-
3,200
-fj,
-0-
-0-
450
-0-
-0-
-0-
10,333
438
-0-
-0-
$ 14,421
$ -0-
That the letter of credit required for the above items be reduced as detailed above
from $2.949 to $0 (zero) to reflect the completed work. Letter of Credit No. 3936B may
be reduced accordingly and is hereby 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:
ITEM
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning (Required
financial guarantee submitted
with Steeplechase 3rd Addition)
Cash:
Letter of Credit:
ORIGINAL AMOUNT NEW AMOUNT
Adopted by the City Council on January 6, 1992.
G
$-0- $-0-
$-0- $-0-