HomeMy WebLinkAboutCity Council Resolution 1992-395[�4M'Li)a■a�1'�ut�llyYa
RESOLUTION NO. 92-395
REDUCING DEVELOPMENT BOND
STEEPLECHASE 3RD ADDITION (87019)
WHEREAS, in accordance with the development contract dated April 6, 1987, Lundgren
Brothers Construction, Inc. developer of Steeplechase 3rd Addition (87019), 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:
I= ORIGINAL AMOUNT NEW AMOUNT
Street Construction $ 100,000 $ -0-
Sanitary Sewer 73,400 -0-
Watermain 70,000 -0-
Storm Sewer 21,200 -0-
Boulevard and Drainage Swale Sod 6,200 200
Pond or Ditch Construction -0- -0-
Street Signs 450 -0-
Site Grading and Drainage Improvements 176,200 -0-
Park and Trail Improvements 7,400 -0-
Design, Administration, Inspection, As-Builts 54.582 24
TOTAL $ 509,432 $ 224
That the letter of credit required for the above items be reduced as detailed above
from $2,240 to $224 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
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning Cash:
Letter of Credit:
ORIGINAL AMOUNT NEW AMOUNT
$1,000 $1,000
$49,000 $ -0-
FURTHER BE IT RESOLVED that the letter of credit for the above items is reduced from
$4,900 to $0 (Zero) and the $1,000 cash deposit remains the same. Letter of Credit No.
3936 is hereby released and will be returned by the Finance Department.
"`+' Adopted by the City Council on July 6, 1992.