HomeMy WebLinkAboutCity Council Resolution 1992-569RESOLUTION NO. 92-569
REDUCING DEVELOPMENT BOND
BOULDER RIDGE 2ND ADDITION (91010)
WHEREAS, in accordance with the development contract dated August 12, 1991, Krutzig
Homes, Inc. and Hillsborough Manor, Inc., developer of Boulder Ridge 2nd Addition
(91010), h.s 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
Zachary Turn Lane
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Pond or Ditch Construction
Street Signs (1 x 150)
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection, As-Builts
TOTAL
$ 28,100
$ 6,850
4,300
-0-
20,500
-0-
20,900
-0-
10,700
-0-
5,000
5,000
-0-
-0-
150
150
76,000
76,000
1,300
1,300
$ 186,984 $ 100,016
That the letter of credit required for the above items be reduced as detailed above
from $140,302 to $100,016 to reflect the completed work. Letter of Credit No. 27623-A
is hereby 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:
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cash: $ 1,000 $ 11000
Letter of Credit No. 27623-B: $15,000 $15,000
FURTHER BE IT RESOLVED that the sanitary sewer, watermain and storm sewer construction
is accepted for continual maintenance as of September 21, 1992 subject to the Two Year
Guarantee by the Developer per Bond No. 7587554.
Adopted by the City Council on September 21, 1992