HomeMy WebLinkAboutCity Council Resolution 1992-196CITY OF PLYMOUTH
RESOLUTION NO. 92-196
REDUCING DEVELOPMENT BOND
PARKVIEW RIDGE ADDITION (88018)
WHEREAS, in accordance with the development contract dated March 9, 1990, Lyman Lumber
Company, developer of Parkview Ridge Addition (88018), 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
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
ORIGINAL AMOUNT
$ 161,000
NEW AMOUNT
$ -0-
112,000
-0-
113,000
-0-
60,000
-0-
19,000
9,000
-0-
-0-
1,050
-0-
153,000
-0-
13,900
-0-
75.954
1.080
$ 708,904
$ 10,080
That the letter of credit required for the above items be reduced as detailed above
from $71,736 to $10,080 to reflect the completed work. Letter of Credit No. 26987.9
may 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:
ITEM
Maintenance of Erosion
and Sediment Control Plan
*Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit:
$1,000 $1,000
$42,600 $10,900 L.C. No. 26987.8
FURTHER BE IT RESOLVED that the street construction, concrete curb and gutter and
public trail construction is accepted for continual maintenance as of April 6, 1992
subject to the One Year Guarantee by the Developer per Maintenance Bond No. 54-46446
dated March 13, 1992.
Adopted by the City Council on April 6, 1992