HomeMy WebLinkAboutCity Council Resolution 1993-338RESOLUTION NO. 93-338
REDUCING DEVELOPMENT BOND
CURTIS LAKE ADDITION (90105)
WHEREAS, in accordance with the development contract dated June 17, 1991, and the
supplemental pond maintenance agreement dated June 17, 1991, Blue and Gold Company,
developer of Curtis Lake Addition (90105), 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.
No's 015/011)
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Pond or Ditch Construction
Street Signs
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection, As-Builts
TOTAL
$ 83,500
$ -0-
66,000
-0-
59,000
-0-
50,000
-0-
10,000
3,000
-0-
-0-
600
-0-
65,000
-0-
-0-
40.092
-0-
360
$ 374,192
$ 3,360
That the letter of credit required for the above items be reduced as detailed above
from $4,480 to $3,360 to reflect the completed work. Letter of Credit No. 2788 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. 42235 for required
financial guarantees)
Cash:
Letter of Credit:
$1,000 $1,000
$54,800 $13,700
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at
$1,000 cash with Letter of Credit No. 2787 being reduced from $54,800 to $13,700.
Adopted by the City Council on June 21, 1993.
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