HomeMy WebLinkAboutCity Council Resolution 1993-205RESOLUTION NO. 93-205
REDUCING DEVELOPMENT BOND
BRIDLEWOOD FARM 2ND ADDITION (92037)
WHEREAS, in accordance with the development contract dated June 5, 1992, U.S. Home
Corporation, developer of Bridlewood Farm 2nd Addition (92037), 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:
0
Street Construction (Excluding Proj. 206)
Sanitary Sewer (Excluding Proj. 206)
Watermain (Excluding Proj. 206)
Storm Sewer (Excluding Proj. 206)
Boulevard and Drainage Swale Sod
Pond or Ditch Construction
Street Signs (4 x 150)
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL AMOUNT
NEW AMOUNT
$ -0-
$ -0-
-0-
-0-
-0-
-0-
-0-
-0-
17,400
17,400
-0-
-0-
600
600
333,000
15,000
-0-
42.120
-0-
3.960
$ 393,120 $ 36,960
That the letter of credit required for the above items which was previously reduced as
detailed above from $393,120 to $36,960 to reflect the completed work remain at
$36,960.
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:
0
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning: See Grading Permit
No. 46670 for required financial
guarantee
Cash:
Letter of Credit:
$ 11000 $1,000
$44,450 $ -0-
FURTHER BE IT RESOLVED THAT Letter of Credit No. FGAC-92022 is hereby reduced from
$44,450 to $0 (zero) and will be released by the Finance Department.
Adopted by the City Council on April 19, 1993.
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