HomeMy WebLinkAboutCity Council Resolution 1992-675RESOLUTION NO. 92- 6?S
REDUCING DEVELOPMENT BOND
PINE CREEK ADDITION (92020)
WHEREAS, in accordance with the development contract dated July 6, 1992, Michael W.
Siskin and Vicki Katzovitz Siskin, developer of Pine Creek Addition (92020), 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
Mitigation Pond Construction
Street Signs 0 x 150)
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL AMOUNT
$ 25,600
NEW AMOUNT
$ 6,300
19,100
3,820
14,500
2,900
5,500
1,000
2,400
2,400
8,000
1,600
150
150
27,000
5,400
-0-
-0-
$ 114,520 $ 26,398
That the letter of credit required for the above items be reduced as detailed above
from $48,126 to $26,398 to reflect the completed work.
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:
P
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit (Cash was substituted):
Adopted by the City Council on October 26, 1992.
$1,000 $1,000
$ 500 $ 500