HomeMy WebLinkAboutCity Council Resolution 1992-823RESOLUTION NO. 92- 823
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:
Street Construction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Pond or Ditch Construction
Street Signs (1 s 150)
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection, As-Builts
TOTAL
$ 49,000
$ 9,800
25,100
-0-
23,500
-0-
11,200
-0-
4,000
4,000
-0-
-0-
150
150
20,000
4,000
-0-
15.954
-0-
2.154
$ 148,904
$ 20,104
That the letter of credit required for the above items be reduced as detailed above
from $33,499 to $20,104 to reflect the completed work. Letter of Credit No. 5401477
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:
Letter of Credit:
$-0- $-0-
$-0- $-0-
FURTHER BE IT RESOLVED tha: 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.
.�2e�i � Il1.LLG}
Adopted by the City Council on December 21, 1992. �. f
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