HomeMy WebLinkAboutCity Council Resolution 1992-020RESOLUTION NO. 92- 20
REDUCING DEVELOPMENT BOND
BOULDER CREST ADDITION (90095)
WHEREAS, in accordance with the development contract dated June 12, 1991, Builders
Development, Inc., developer of Boulder Crest Addition (90095), 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:
0
Street Construction
$ 180,000
$ 146,000
County Road 101 Turn Lane
20,000
4,000
Sanitary Sewer
85,000
24,000
Watermain (*Does not include oversizing
*102,000
30,000
cost of $28,000)
Storm Sewer
81,000
22,000
Boulevard and Drainage Swale Sod
11,600
11,600
Pond or Ditch Construction
-0-
-0-
Street Signs (7 x 150)
11050
1,050
Site Grading and Drainage Improvements
160,000
35,000
Park and Trail Improvements
-0-
-0-
Design, Administration, Inspection, As-Builts
76.878
32.838
TOTAL
$ 717,528
$ 306,488
That the letter of credit required for the above items be reduced as detailed above
from $592,088 to $306,488 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:
JI y
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit:
$ 11000 $ 11000
$45,400 $45,400
Adopted by the City Council on January 6, 1992 O L
A