HomeMy WebLinkAboutCity Council Resolution 1992-451RESOLUTION NO. 92- 451
REDUCING DEVELOPMENT BOND
BRIDLEWOOD FARM ADDITION (90028)
WHEREAS, in accordance with the development contract dated June 6, 1991 and Revised
September 4, 1991, U.S. Homes Corporation, developer of Bridlewood Farm Addition
(90028), 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
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Pond or Ditch Construction
Street Signs (8 x 150)
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL AMOUNT
$ 178,100
NEW AMOUNT
$ 80,000
255,700
-0-
117,900 *
-0-
56,300
-0-
4,600
4,600
-0-
-0-
1,200
1,200
235,000
-0-
2,000
400
$ 952,896 $ 96,544
* Does not include watermain over 8 inches that will be reimbursed to the developer.
Estimated amount between 8 inch and 12 inch is $14,896 and estimated amount of 12
inch south of plat is $9,950.
That the letter of credit required for the above items be reduced as detailed above
from $174,686 to $96,544 to reflect the completed work. Letter of Credit No. FGAC-
91028 may be reduced accordingly.
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:
�y
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning (Per Grading
Permit No. 41652)
Cash:
Letter of Credit:
$ 1,000 $ 1,000
$49,000 $12,250
FURTHER BE IT RESOLVED that Letter of Credit No. FGAC-91021 is hereby reduced from
$24,500 to $12,250.
Adopted by the City Council on August 3, 1992.
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