HomeMy WebLinkAboutCity Council Resolution 1992-791RESOLUTION NO. 92-791
REDUCING DEVELOPMENT BOND
SEVEN PONDS FOURTH ADDITION (92017)
WHEREAS, in accordance with the development contract dated April 22, 1992, Hans Hagen
Homes, Inc., developer of Seven Ponds Fourth Addition (92017), 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:
5y
Street Construction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Pond or Ditch Construction
Street Signs (1 x 150)
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection, As-Builts
TOTAL
$ 49,000
$ 9,800
25,100
5,020
23,500
4,700
11,200
2,240
4,000
4,000
-0-
-0-
150
150
20,000
4,000
-0-
-0-
$ 148,904 $ 33,499
That the letter of credit required for the above items be reduced as detailed above
from $148,904 to $33,499 to reflect the completed work. Letter of Credit No. 5401477
may 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:
W-74 y
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning (See Grading
Permit No. 43816)
Cash:
Letter of Credit:
Adopted by the City Council on December 7, 1992.
$-0- $-0-
$-0- $-0-