HomeMy WebLinkAboutCity Council Resolution 1992-693CITY OF PLYMOUTH
RESOLUTION NO. 92-693
REDUCING DEVELOPMENT BOND
SWAN LAKE WEST ADDITION (89025)
WHEREAS, in accordance with the development contract dated October 2, 1989, Kings North
Corporation. developer of Swan Lake West Addition (89025), 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;
Oki
Street Construction (Excluding Proj. 948) $
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
145,104
$ -0- *
109,429
-0- *
111,170
-0- *
84,335
-0- *
8,200
4,100
-0-
-0-
600
-0-
150.000
15,000
9.280
_.7.4.174
-0-
2,292
$ 692.292 $ 21.392
That the letter of credit required for the above items remain as detailed above at
$21,392 to reflect the completed work.
SWAN LAKE WEST ADDITION (89025)
Resolution No. 92-693
Page Two
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,
ITEM
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning (See Grading
Permit No. 21412 for
Required Financial Guarantee
Letter of Credit No. 167R is
on file)
ORIGINAL AMOUNT NEW AMOUNT
Cash: $-0- $-0-
Letter of Credit: $-0- $-0-
FURTHER BE IT RESOLVED, that Letter of Credit No. 167R is hereby reduced from $25,000
to $2,500.
* FURTHER DR IT RESOLVED that pursuant to the developer's request a 10Z retainer in
the form of Letter of Credit No. 183 in the amount of $39,000 will be held as the
required development bond for sanitary sewer, watermain, storm sewer, street
construction, concrete curb and gutter, and trail construction in lieu of the
required maintenance bond. This letter of credit will be held until December 1,
1992.
Adopted by the City Council on November 2, 1992