HomeMy WebLinkAboutCity Council Resolution 1992-822RESOLUTION NO. 92- 822
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:
ITEM ORIGINAL AMOUNT NEW AMOUNT
Street Construction $ 99,500 $ 19,900
Sanitary Sewer 50,000 -0-
Watermain 54,400 -0-
Storm Sewer 21,900 -0-
Boulevard and Drainage Swale Sod 5,600 5,600
Pond or Ditch Construction -0- -0-
Street Signs (2 x 150) 300 300
Site Grading and Drainage Improvements 45,000 9,000
Park and Trail Improvements -0- -0-
Design, Administration, Inspection, As-Builts 33.204 4.176
TOTAL $ 309,904 $ 38,976
That the letter of credit required for the above items be reduced as detailed above
from $67,267 to $38,976 to reflect the completed work. Letter of Credit No. S401394
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:
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning (See Grading Permit No. 43816)
Cash: $-0- $-0-
Letter of Credit: $-0- $-0
FURTHER BE IT RESOLVED that the sanitary sewer, watermain and storm sewer construction
is accepted for continual maintenance as of December 21, 1992 subject to the Two Year
Guarantee by the Developer per Bond No. 7587577.
Adopted by the City Council on December 21, 1992.
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