HomeMy WebLinkAboutCity Council Resolution 1992-785RESOLUTION NO. 92-7$5
REDUCING DEVELOPMENT BOND
GOLFVIEW ESTATES ADDITION (91047)
WHEREAS, in accordance with the development contract dated February 10, 1992 and
revised February 24, 1992 Lowry Hill Development Company developer of Golfview Estates
Addition (91047), 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 (Not incl. City Proj.
C.R. 9/Holly Lane)
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Pond or Ditch Construction
Street Signs (5 x 150)
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL AMOUNT
$ 215,700
NEW AMOUNT
$ 60,000
159,710
39,928
92.475
18,495
120,307
24,061
12,800
12,800
-0-
-0-
750
750
78,000
15,600
-0-
81.569
-0-
20.596
$ 761,311
$ 192,230
That the letter of credit required for the above items be reduced as detailed above
from $436,502 to $192,230 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:
5m�
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit:
Adopted by the City Council on December 7, 1992.
$ 11000 $ 1,000
$42,800 $42,800