HomeMy WebLinkAboutCity Council Resolution 1993-434RESOLUTION NO. 93-434
REDUCING DEVELOPMENT BOND
BOULDER CREST ADDITION (90095)
WHEREAS, in accordance with the development contract dated June 12, 1991, Builders
Development, Inc., developer of Boulder Crest Addition (90095), 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
$ 180,000
$ -0-
County Road 101 Turn Lane
20,000
-0-
Sanitary Sewer
85,000
-0-
Watermain (*Does not include oversizing
*102,000
-0-
cost of $28,000)
Storm Sewer
81,000
-0-
Boulevard and Drainage Swale Sod
11,600
2,600
Pond or Ditch Construction
-0-
-0-
Street Signs (7 x 150)
1,050
-0-
Site Grading and Drainage Improvements
160,000
-0-
Park and Trail Improvements
-0-
-0-
Design, Administration, Inspection, As-Builts
76.878
312
TOTAL
$ 717,528
$ 2,912
That the letter of credit required for the above items be reduced as detailed above
from $72,408 to $2,912 to reflect the completed work. Letter of Credit No. 8041 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
Cashi $ 11000 $ 1,000
Letter of Credit No. 8029: $45,400 $22,700
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 two year
guarantee by the developer per Maintenance Bond No. 54054108.
Adopted by the City Council on August 2, 1993
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