HomeMy WebLinkAboutCity Council Resolution 1992-392CITY OF PLYMOUTH
RESOLUTION NO. 92-392
REDUCING DEVELOPMENT BOND
FOX RUN 5TH ADDITION (89058)
WHEREAS, in accordance with the development contract dated February 20, 1990, Lundgren
Brothers Construction, Inc., developer of Fox Run 5th Addition (89058), 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; Letter of Credit No. 8513-A is hereby reduced accordingly.
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
Poad or Ditch Construction
Street Signs
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection, As-Builts
TOTAL
$ 24,000
$ -0-
4,500
-0-
14,000
-0-
16,000
-0-
2,000
-0-
-0-
-0-
150
-O-
-0-
-0-
-0-
7.278
-0-
-0-
$ 67,928
$ -0-
That the letter of credit required for the above items be reduced as detailed above
from $448 to $0 (Zero) to reflect the completed work. Letter of Credit No. 8513-A is
hereby reduced accordingly and will be released by the Finance Department.
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:
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit:
$1,000 $ -0-
$ -0- $ -0-
FURTHER BE IT RESOLVED that the cash deposit for the above items is reduced from $1,000
to $0 (Zero) and the remaining funds shall be returned to the developer forthwith.
Adopted by the City Council on July 6, 1992