HomeMy WebLinkAboutCity Council Resolution 1992-744RESOLUTION NO. 92- 44
REDUCING DEVELOPMENT BOND
PLYMOUTH BUSINESS CENTER 6TH ADDITION (92029)
WHEREAS, in accordance with the development contract dated May 15, 1992, Berkshire Lane
I Limited Partnership, developer of Plymouth Business Center 6th Addition (92029), 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:
a�
Concrete Curb Q Gutter
(curb cut closing)
Abandonment i Sealing of Public Utilities
(within vacated Annapolis Circle)
Storm Sewer
Site Grading and Drainage Improvements
Design. Administration, Inspection, As-Builts
TOTAL
$ 1,200 $ -0-
23,300 -0-
22,800 -0-
-0- -0-
5.676 -0-
$ 52,976 $ -0-
That the letter of credit required for the above items be reduced as detailed above
from $52.976 to $0 (zero) to reflect the completed work. A cash deposit was
substituted on June 25. 1992 per Receipt No. 29962. The deposit 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:
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning (See Grading
Permit No. 47955 for the
required financial guarantee)
Cash:
Letter of Credit:
Adopted by the City Council on November 16. 1992
$1,000 $1,000
$15,000 $15,000