HomeMy WebLinkAboutCity Council Resolution 1992-614RESOLUTION NO. 92-614
REDUCING DEVELOPMENT BOND
WESTWOOD RIDGE ADDITION (85108)
WHEREAS, in accordance with the development contract dated May 23, 1986, Michael A.
Freund and Harvey J. Freund II, developer of Westwood Ridge Addition (85108), 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
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Pond or Ditch Construction
Street Signs
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection, As-Builts
TOTAL
$ 29,417
$ -0-
8,567
-0-
3,860
-0-
7,570
-0-
8,0
-0-
-0-
-0-
-0-
-0-
38,700
-0-
-0-
-0-
$ 99,584 $ -0-
That the letter of credit required for the above items be reduced as detailed above
from $4,303 to $0 (zero) to reflect the completed work. Letter of Credit No. 1907 is
hereby released and will be returned by the Finance Department.
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:
Jq
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit:
$ 1,000 $-0-
$11,500 $-0-
Letter of Credit No. 1899 is hereby reduced accordingly and will be released by the
Finance Department. The remaining $600 of the original $1,000 cash deposit shall be
returned to the developer.
Adopted by the City Council on October 5, 1992