HomeMy WebLinkAboutCity Council Resolution 1993-431RESOLUTION NO. 93-431
REDUCING DEVELOPMENT BOND
SWAN LAKE SOUTH ADDITION (92112)
WHEREAS, in accordance with the development contract dated April 12, 1993, JANCO, Inc.,
developer of Swan Lake South Addition (92112), 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
(Except City Proj. No. 011)
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Drainage Pond Construction
Mitigation Pond Construction
Street Signs ( 5 x 200)
Site Grading and Drainage Improvements
Park and Trail Improvements
Setting Iron Monuments
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL AMOUNT NEW AMOUNT
$ 202,546 $ 196,470
109,092
65,455
91,596
54,958
61,242
36,745
13,000
13,000
17,100
17,100
1,020
1,020
1,000
1,000
255,455
99,627
9,150
9,150
4,875
91.929
4,875
59.928
$ 858,005 $ 559,328
That the letter of credit required for the above items be reduced as detailed above
from $858,005 to $559,328 to reflect the completed work. Letter of Credit No.S402109
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:
ITEM
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit:
Adopted by the City Council on August 2, 1993.
$1,000 $1,000
$59,000 $59,000