HomeMy WebLinkAboutCity Council Resolution 1992-788CITY OF PLYMOUTH
RESOLUTION NO. 92-788
REDUCING DEVELOPMENT BOND
BASS LAKE HILLS ADDITION (88060)
WHEREAS, in accordance with the development contract dated April 18, 1989, revised June
15, 1989, CSM Corporation and Graham Development Company, developer of Bass Lake Hills
Addition (88060), 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
(Does not include Proj. 416)
County Road 47
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Pond or Ditch Construction (Incl. with Grading)
Street Signs
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection, As-Builts
TOTAL
$ 82,000
52,540
50,786
108,750
129,170
7,700
-0-
450
405,000
-0-
100.367
$ 936,763
$ -0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
$ -0-
That the letter of credit required for the above items be reduced as detailed above
from $22,221 to $0 (zero) to reflect the completed work. Letter of Credit No. 11514 is
hereby reduced accordingly and will be released 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:
SAY,
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit:
$1,000 $1,000
$21,000 $10,500
FURTHER BE IT RESOLVED that the required financial guarantee for Maintenance of Erosion
and Sediment Control Plan remains at $1,000 cash with Letter of Credit No. 11510,
originally in the amount of $21,000 remaining at $10,500.
•
Resolution No. 92-788
Page Two
* FURTHER BE IT RESOLVED that the street and county road construction and sanitary
sewer, watermain and storm sewer construction were accepted for continual maintenance
as of November 4, 1991 subject to the One Year Guarantee by the Developer. Pursuant to
the Developer's request, a 5X retainer was held as the required development bond for
the sanitary sewer, watermain, storm sewer, street and county road construction, and
concrete curb and gutter in lief, .,c the required maintenance bond. The maintenance
guarantee did expire on November 4, 1992. All necessary repair work has been completed
during the guarantee period and the 52 retainer is hereby released.
Adopted by the City Council on December 7, 1992.