HomeMy WebLinkAboutCity Council Resolution 1992-390RESOLUTION NO. 92-390
REDUCING DEVELOPMENT BOND
HOLLY CREEK ADDITION (91106)
WHEREAS, in accordance with the development contract dated April 1, 1992, Scherber
Partnership Properties, developer of Holly Creek Addition (91106), 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 C.R. 9 bypas
lane and C.R. 9 C & G)
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Mitigation Pond Construction
Street Signs (2 x 150)
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL AMOUNT NEW AMOUNT
$ 58,500 $ 58,500
37,700
7,540
29,600
5,920
15,800
7,125
3,200
3,200
10,000
10,000
300
300
30,300
30,300
-0-
22.248
-0-
14.746
$ 207,648 $ 137,631
That the letter of credit required for the above items be reduced as detailed above
from $207,648 to $137,631 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:
j= ORIGINAL AMOUNT M AMOUNT
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit:
Adopted by the City Council on July 6, 1992
$ 1,000 $ 11000
$15,200 $15,200