HomeMy WebLinkAboutCity Council Resolution 1992-453RESOLUTION NO. 92-153
REDUCING DEVELOPMENT BOND
GLEASON LAKE SCHOOL ADDITION (88036)
WHEREAS, in accordance with the development contract dated September 22, 1988,
Independent School District 284, developer of Gleason Lake School Addition (88036), 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:
ITEfI
Street Construction: 1st Ave. 6
Co. Rd. 101 right -turn lane
$ 64,744
$ -0-
Co. Rd. 101 left -turn Construction
75,628
-0-
Traffic Signal
80,000
-0-
Remodel Lift Station
6,293
-0-
Boulevard and Drainage Swale Sod
4,700
-0-
Pond or Ditch Construction
-0-
-0-
Street Signs
150
-0-
Site Grading and Drainage Improvements
-0-
-0-
Park and Trail Improvements
-0-
-0-
Design, Administration. Inspection, As-Builts
27.782
-0-
TOTAL
TOTAL
$ 259,297
$ -0-
That the letter of credit required for the above items was previously reduced as
detailed above from $25.543 to $0 (zero) 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 (See Grading Permit
No. 17690 and S.I.P.A. for
required financial guarantees)
Cash: $ 11000 $_0_
Letter of Credit: $20,600 $_0_
FURTHER BE IT RESOLVED that the cash deposit has previously been refunded and the
"Agreement for Use of Certificate of Deposit in Lieu of Cash or Bond for Maintenance of
Erosion and Sediment Control Plan" is hereby released and will be returned by the
Finance Department.
Adopted by the City Council on August 3. 1992