HomeMy WebLinkAboutCity Council Resolution 1992-123RESOLUTION NO. 92-123
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:
TF Pmi
Street Construction
$ 180,000
$ 120,000
County road 101 Turn Lane
20,000
-0-
Sanitary Sewer
85,000
-0-
Watermain (*Does not include oversizing
*102,000
-0-
cost of $28,000)
Storm Sewer
81,000
-0-
Boulevard and Drainage Swale Sod
11,600
11,600
Pond or Ditch Construction
-0-
-0-
Street Signs (7 x 150)
1,050
1,050
Site Grading and Drainage Improvements
160,000
32,000
Park and Trail Improvements
-0-
-0-
Design, Administration, Inspection, As-Builts
76.878
19.758
TOTAL
$ 717,528
$ 184,408
That the letter of credit required for the above items be reduced as detailed above
from $306,488 to $184,408 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:
ITEM .ORIGINAL AMOUNT NEIN AMOUNT
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cash: $ 11000 $ 1,000
Letter of Credit: $45,400 $45,400
FURTHER BE IT RESOLVED that the sanitary sewer, watermain, and storm sewer construction
is accepted for continual maintenance as of February 24, 1992, subject to the Two Year
wF Guarantee by the Developer.
Adopted by the City Council on February 24, 1992