HomeMy WebLinkAboutCity Council Resolution 1992-676RESOLUTION NO. 92- 676
REDUCING DEVELOPMENT BOND
IRON HORSE ESTATES ADDITION (91060)
WHEREAS, in accordance with the development contract dated March 13, 1992, Fred D.
Smith, Stephanie Smith, John L. Oetjen, Cynthia M. Oetjen, developer of Iron Horse
Estates Addition (91060), 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:
0
Street Construction
Sanitary Sewer
Watermain
Storm Seger
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
ORIGINAL AMOUNT
$ 32,429
NEW AMOUNT
$ 9,468
17,585
3,517
13,940
2,788
4,397
879
2,400
2,400
-0-
-0-
150
150
32,000
6,400
-0-
-0-
$ 115,249 $ 28,674
That the letter of credit required for the above items be reduced as detailed above
from $59,003 to $28,674 to reflect the completed work. In this instance, Savings
Account No. 3228920579 was provided as security in lieu of a letter of credit.
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:
W#41
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cash.-
Letter
ash:Letter of Credit:
Adopted by the City Council on October 26, 1992
$1,000 $1,000
$3,300 $4,150