HomeMy WebLinkAboutCity Council Resolution 1993-433RESOLUTION NO. 93-433
REDUCING DEVELOPMENT BOND
IRON HORSE ESTATES ADDITION (91060)
WHEREAS, in accordance with the development contract dated March 13, 1992, Fred D.
Smith, Stephanie Smith, John L. Oetjen, Cynthia M. Oetjen, developer of Iron Horse
Estates Addition (91060), 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
ORIGINAL AMOUNT
NEW AMOUNT
Street Construction
$ 32,429
$ -0-
Sanitary Sewer
17,585
-0-
Watermain
13,940
-0-
Storm Sewer
4,397
-0-
Boulevard and Drainage Swale Sod
2,400
2,000
Pond or Ditch Construction
-0-
-0-
Street Signs (1 x 150)
150
-0-
Site Grading and Drainage Improvements
32,000
-0-
Park and Trail Improvements
-0-
-o-
Design, Administration, Inspection, As-Builts
12.348
1.000
TOTAL
$ 115,249
$ 3.000
That the letter of credit required for the above items be reduced as detailed above
from $17,288 to $3,000 to reflect the completed work. Bankers Acceptance Certificate
No. 322892205.79 may be reduced accordingly.
FURTHER BE IT RESOLVED that the bonding requirements tor the tolluwing items per
Section 8.1 of the approved development contract be reduced as follows;
ITEM ORIGINAL AMOUNT NEW AMOUNT
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cash: $1,000 $1,000
Letter of Credit: $8,300 $2,075
FURTHER BE IT RESOLVED that the street construction and concrete curb and gutter is
accepted for continual maintenance as of August 2, 1993 subject to the One Year
Guarantee by the Developer per Maintenance Bond No. 135 16 37.
f Adopted by the City Council on August 2, 1993
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