HomeMy WebLinkAboutCity Council Resolution 1992-790RESOLUTION NO. 92-790
REDUCING DEVELOPMENT BOND
SEVEN PONDS THIRD ADDITION (92005)
WHEREAS, in accordance with the development contract dated March 9, 1992, Hans Hagen
Homes, Inc., developer of Seven Ponds Third Addition (92005), 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 (2 x 150)
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection, As-Builts
TOTAL
$ 99,500
$ 19,900
50,000
10,000
54,400
10,880
21,900
4,380
5,600
5,600
-0-
-0-
300
300
45,000
9,000
-0-
33.204
-0-
7.207
$ 309,904
$ 67,267
That the letter of credit required for the above items be reduced as detailed above
from $309,904 to $67,267 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:
��
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning (See Grading Permit No. 43816)
Cash: $-0-
Letter of Credits $-0-
Adopted by the City Council on December 7, 1992.