HomeMy WebLinkAboutCity Council Resolution 1992-780RESOLUTION NO. 92-780
REDUCING DEVELOPMENT BOND
SUNSET VALLEY HOMES ADDITION (87022)
WHEREAS, in accordance with the development contract dated April 10, 1987, Sunset
Valley Homes, Inc., developer of Sunset Valley Homes Addition (87022), 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
Pond or Ditch Construction
Street Signs
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection. As
TOTAL
ORIGINAL AMOUNT
$ 35,300
NEW AMOUNT
$ 3,530 *
23,600
2,360 *
25,000
2,500 *
6,100
610 *
3,800
1,400
-0-
-0-
150
-0-
(See Grading Permit No.
5135)
-0-
-0-
Builts 11.274
1.248
$ 105,224
$ 11,648
That the letter of credit required for the above items be reduced as detailed above
from $27,686 to $11,648 to reflect the completed work. Letter of Credit No. MBP0708871
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:
kiA3
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning (Per Grading Permit No. 5135)
Cash: $1,000 $1,000
Letter of Credit
No. MBP0780561-5199: $19,000 $5,000
FURTHER BE IT RESOLVED that the sanitary sewer, watermain, storm sewer and street
construction including concrete curb and gutter is accepted for continual maintenance
as of December 7, 1992 subject to the One Year Guarantee by the Developer.
* FURTHER BE IT RESOLVED that pursuant to the developer's request, a 102 Letainer
will be held in the required development bond for the sanitary sewer, watermain,
storm sewer, street construction, and concrete curb and gutter in lieu of the
required maintenance bond.
Adopted by the City Council on December 7, 1992
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