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HomeMy WebLinkAboutCity Council Resolution 1992-535CITY OF PLYMOUTH RESOLUTION NO. 92-535 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: ORIGINAL AMOUNT City Proj. Original 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 & 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 & Drainage Improvements -0- -0- 120,000 120,000 Design, Administration, Inspection, As-Builts 25.596 15,120 40.716 ORIGINAL TOTAL $238,896 $141,120 $380,016 TOTAL PROJ. NO. 016 $23,785 CHURCHILL FARMS 2ND ADDITION (91079) Resolution No. 92-535 Page Two ITEM 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 NEW AMOUNT City Proj. New No. 016 Public Private Total $ -0- $19,600 $ -0- $19,600 -0- -0- -0- -0- -0- -0- -0- -0- 23,785 -0- -0- -0- -0- -0- 6,000 6,000 -0- -0- -0- -0- -0- 300 -0- 300 -0- -0- -0- -0- -0- -0- -0- -0- 2.388 $22,288 720 $6,720 3.108 $29,003 TOTAL PROJ. NO. 016* $23,785 That the letter of credit required for the above items (excluding Project No. 016) is hereby reduced as detailed above from $93,296 to $29,008. Letter of Credit No. 911023- 1A may be 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: jTEN ORIGINAL AMOUNT NEW AMOUNT Maintenance of Erosion and Sediment Control Plan, Street Sweeping and Storm Sewer Cleaning Cash: $ -,000 $ 1,000 Letter of Credit: $38,200 $10,000 FURTHER BE IT RESOLVED that the required financial guarantees for the above items remains at $1,000 cash with the required Letter of Credit No. 911023-1B remaining at $10,000. FURTHER BE IT RESOLVED that the sanitary sewer, watermain and storm sewer construction is accepted for continual maintenance as of September 14, 1992 subject to the Two Year guarantee by the Developer per Maintenance Bond No. 5168727. Adopted by the City Council on September 14, 1992