HomeMy WebLinkAboutCity Council Resolution 1992-484CITY OF PLYMOUTH
RESOLUTION NO. 92-484
REDUCING DEVELOPMENT BOND
CHURCHILL FARMS 2ND ADDITION (91079)
WHEREAS, in accordance with the development contract dated September 30, 1991, Lundgren
Brothers Construction, Inc., developer of Churchill Farms 2nd Addition (91079) 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 that
the bonding requirements are reduced as follows:
TTFM
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City Proj.
No. 016
ORIGINAL
Pnhlir
AMOUNT
Private
Original
Total
Street Construction
$ -0-
$98,000
$ -0-
$98,000
Sanitary Sewer
-0-
36,000
-0-
36,000
Watermain
-0-
47,000
-0-
47,000
Storm Sewer
23,785
32,000
-0-
32,000
Boulevard 5 Drainage
Swale Sod
-0-
-0-
6,000
6,000
Pond or Ditch Construction
-0-
-0-
-0-
-0-
Street Signs (2 x 150)
-0-
300
-0-
300
Park and Trail Improvements
-0-
-0-
-0-
-0- _
Site Grading i Drainage Improvements
-0-
-0-
120,000
120,000
t` Dtsiin. Administration,
Inspection, As-Builts
25.596
1%-120
40.716
ORIGINAL TOTAL
$238,896
$141,120
$380,016
TOTAL PROJ. NO. 016
$23,785
•
CHURCHILL FARMS 2ND ADDITION (91079)
Resolution No. 92-484
Pag:-- Two
amv
Street Construction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard & Drainage
Swale Sod
Pond or Ditch Construction
Street Signs (2 x 1500
Park and Trail Improvements
Site Grading & Drainage Improvements
Design, Administration,
Inspection, As-Builts
ORIGINAL TOTAL
TOTAL PR0.7. NO. 016*
City Proj.
$ -0-
$30,000
$ -0-
-0-
7,200
-0-
-0-
9,400
-0-
23,785
6,400
-0-
-0-
-0-
6,000
-0-
-0-
-0-
-0-
300
-0-
-0-
-0-
-0-
-0-
-0-
24,000
$23,785
6.396 3.600
$ 59,696 $ 33,600
New
$30,000
7,200
9,400
6,400
6,000
-0-
300
-0-
24,000
$ 93,296
That the letter of credit required for the above items (excluding Project No. 016) was
previously reduced as detailed above from $236,208 to $ 93,296. Letter of Credit No.
911023-1A has been reduced accordingly.
* The required financial guarantee for this was provided with Churchill Farms Addition
(90009).
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
Seger Cleaning Cash: $ 11000 $ 1,000
Letter of Credit: $38,200 $10,000
FURTHER BE IT RESOLVED that the required financial guarantees for the above items
remain at $1,000 cash with the required Letter of Credit No. 911023-1B being reduced
from $38,200 to $10,000.
,,Adopted by the City Council on August 17, 1992