HomeMy WebLinkAboutCity Council Resolution 1992-674RESOLUTION NO. 92- 674
REDUCING DEVELOPMENT BOND
PARKERS LAKE NORTH 7TH ADDITION (91103)
WHEREAS, in accordance with the development contract dated December 10, 1991, Laukka-
Williams Parkers Lake, A Minnesota General Partnership, developer of Parkers Lake North
7th Addition (91103), 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:
STEM ORIGINAL AMOUNT NEW AMOUNT
Street Construction $ 188.900 $ 144,217
Sanitary Sewer 26,900 9,153
Watermain 103,800 45,248
Storm Sewer 93,100 21,126
Boulevard and Drainage Swale Sod 11,000 11,000
Pond or Ditch Construction -0- -0-
Street Signs (3 x 150) 450 450
Site Grading and Drainage Improvements 241,300 53,938
Park and Trail Improvements 17,574 17,574
Design, Administration, Inspection, As-Builts 81,963 36,32555
TOTAL $ 764,987 $ 339,031
That the letter of credit required for the above items be reduced as detailed above
from $764,987 to $339,031 to reflect the completed work. Letter of Credit No. S401353
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:
STEM
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning: See Grading
Permit No. 45459 for required
financial guarantee.
Cash: $-0- $-0-
Letter of Credit: $-0- $-0-
Adopted by the City Council on October 26, 1992