HomeMy WebLinkAboutCity Council Resolution 1992-397RESOLUTION NO. 92-397
REDUCING DEVELOPMENT BOND
BOULDER CREST ADDITION (90095)
WHEREAS, in accordance with the development contract dated June 12, 1991, Builders
Development, Inc., developer of Boulder Crest Addition (90095), 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
County Road 101 Turn Lane
Sanitary Sewer
Watermain (*Does not include oversizing
cost of $28,000)
Storm Sewer
Boulevard and Drainage Swale Sod
Pond or Ditch Construction
Street Signs (7 x 150)
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL AMOUNT NEW AMOUNT
$ 180,000 $ 36,000
20,000 -0-
85,000 -0-
*102,000 -0-
81,000
-0-
11,600
11,600
-0-
-0-
1,050
1,050
160,000
16,000
-0-
-0-
76.878
7.758
$ 717,528
$ 72,408
That the letter of credit required for the above items be reduced as detailed above
from $184,408 to $72,408 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:
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
$ 11000 $ 1,000
$45,400 $45,400