HomeMy WebLinkAboutCity Council Resolution 1992-268CITY OF PLYMOUTH
RESOLUTION NO. 92-268
REDUCING DEVELOPMENT BOND
ROCKFORD ROAD PLAZA ADDITION (89014)
WHEREAS, in accordance with the development contract dated April 2, 1990, Ryan
Construction Company. Inc. and Dayton -Hudson corporation, developer of Rockford Road
Plaza Addition (89014) 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 that
the bonding requirements are reduced as follows:
* Includes Vinewood Lane and 42nd Place North
ORIGINAL
AMOUNT
No's
City Proj.
905 fi 948
Pilb1i0
Private
Original
Total
Street Construction $
794,531
$ -0-
$ -0-
$ -0-
Sanitary Sever
88,075
-0-
-0-
-0-
Watermain
171,832
-0-
-0-
-0-
Storm Sewer
223.950
-0-
-0-
-0-
Boulevard and Drainage Sod
-0-
-0-
-0-
-0-
Pond or Ditch Construction
-0-
-0-
-0-
-0-
Street Signs (3 z 150)
-0-
450
-0-
450
Retaining Walls
-0-
-0-
123,300
123,300
Site Grading 5 Drainage Improvements
-0-
-0-
780,000 *
780.000
Design, Administration,
Inspection, As-Builts
54
108,396
108.450
ORIGINAL TOTAL
$ 504
$1,011,696
$1,012,200
TOTAL PROJ. NO'S 905 fi 948 $1,278,388
* Includes Vinewood Lane and 42nd Place North
ROCKFORD ROAD PLAZA ADDITION (89014)
Resolution No. 92-269
Page Two
City Proj.
No's 905 & 948
Street Construction $ 794,531
Sanitary Seger 88,075
Watermain 171.832
Storm Sewer 223,950
Boulevard i Drainage Swale Sod -0-
Pond or Ditch Construction -0-
Street Signs (3 x 150) -0-
Retaining Walls -0-
Site Grading i Drainage Improvements -0-
Design, Administration,
Inspection, As-Builts
ORIGINAL TOTAL
TOTAL PROJ. NO's 905 i 948 $1,278,388
* Includes Vinewood Lane and 42nd Place North
NEW AMOUNT
Public
Private
New
Total
$ -0-
$ -0-
$ -0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
14,796
14,796
-0-
-0-
-0-
-0- 1.776 1.776
$ -0- $16,752 $16,752
That letter of credit required for the above items (excluding Project No's 905 6 948)
is hereby reduced as detailed above from $1,012,200 to $16,752.
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:
I=
Maintenance of Erosion and
Sediment Control Plan.
Street Sweeping and Storm
Sewer Cleaning Cash:
Letter of Credit:
$ 1,000 $ 11000
$ 104,000 $ 26,000
FURTHER BE IT RESOLVED that the required financial guarantees for the above items
remain at $1,000 cash with the required Bond No. U1605617 being reduced from $156,000
($104,000 x 1502) to $39,000 ($26,000 x 150Z).
Adopted by the City Council on May 4, 1992