HomeMy WebLinkAboutCity Council Resolution 1992-4851
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RESOLUTION NO. 92-485
REDUCING DEVELOPMENT BOND
BASS LAKE TERRACE 2ND ADDITION (91070)
WHEREAS, in accordance with the development contract dated December 16, 1991 and
executed May 21, 1992, Vern Reynolds, developer of Bass Lake Terrace 2nd Addition
(91070), 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 (Excluding Proj. No. 106) $
Sanitary Sewer
Watermain (Excluding oversizing)
Storm Sewer (Excluding Proj. No. 106)
Boulevard and Drainage Swale Sod
Pond or Ditch Construction
Street Signs (5 x 150)
Site Grading and Drainage Improvements
(See Contract 90050)
Park and Trail Improvements
Design, Administration, Inspection. As-Builts
TOTAL
280,400
$ 280,400
120,600
-0-
105,786
-0-
92,300
-0-
16,200
16,200
-0-
-0-
750
750
-0-
-0-
-0- -0-
73.924 35.682
$ 689,960 $ 333,032
That the letter of credit required for the above items be reduced as detailed above
from $407,434 to $333,032 to reflect the completed work. Letter of Credit No. 9736 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:
WY 1
Maintenance of Erosion
and Sediment Control Flan
Street Sweeping and Storm
Sewer Cleaning (See Grading Permit
No. 27111 and Development
Contract 90050)
Cash:
Letter of Credit No. 9735:
$1,000 $1,000
$45,000 $45,000
FURTHER BE IT RESOLVED that the sanitary sewer, watermain, and storm sewer construction
is accepted for continual maintenance as of August 17, 1992 subject to the Two Year
Guarantee by the -Developer per Maintenance Bond No. 54-5922.
Adopted by the City Council on August 17, 1992