HomeMy WebLinkAboutCity Council Resolution 1993-012RESOLUTION NO. 93-12
REDUCING DEVELOPMENT BOND
GOLFVIEW ESTATES ADDITION (91047)
WHEREAS, in accordance with the development contract dated February 10, 1992 and
revised February 24, 1992 Lowry Hill Development Company developer of Golfview Estates
Addition (91047), 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
Street Construction (Not incl. City Proj.
C.R. 9/Holly Lane)
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Pond or Ditch Construction
Street Signs (5 x 150)
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL AMOUNT NEW AMOUNT
$ 215,700 $ 60,000
159,710
-0-
92,475
-0-
120,307
-0-
12,800
12,800
-0-
-0-
750
750
78,000
15,600
-0-
-0-
81.56910.698
$ 761,311 $ 99,848
That the letter of credit required for the above items be reduced as detailed above
from $192,230 to $99,848 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:
F
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit:
ORIGINAL AMOUNT NEW AMOUNT
$ 1,000 $ 1,000
$42,800 $21,400
FURTHER BE IT RESOLVED that the sanitary sewer, watermain (including the 16 inch trunk
watermain in Holly Lane), and storm sewer construction is accepted for continual
maintenance as of January 4, 1993 subject to the two year guarantee by the developer
per Bond No. 54059944
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Adopted by the City Council on January 4, 1993. G% xe7z�L�