HomeMy WebLinkAboutCity Council Resolution 1993-475RESOLUTION NO. 93-475
REDUCING DEVELOPMENT BOND
EAGLEWOOD ADDITION (92110)
WHEREAS, in accordance with the development contract dated
April 12, 1993, Argus
Development, Inc., developer of Eaglewood Addition (92110),
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:
STEM
ORIGINAL AMOUNT
Street Construction $ 109,519
NEW AMOUNT
$ 109,519
Sanitary Sewer 58,962
11,792
Watermain 41,270
10,101
Storm Sewer 61,826
61,826
Boulevard and Drainage Swale Sod 7,400
7,400
Mitigation Pond Construction 4,180
4,180
Street Signs (3 x 200) 600
600
Site Grading and Drainage Improvements 111,928
22,386
Park and Trail Improvements 4,449
4,449
Setting Iron Monuments 3,000
3,000
Design, Administration, Inspection, As-Builts 48.376
27.870
TOTAL $ 451,510
$ 263,123
That the letter of credit required for the above items be reduced
as detailed above
from $451,510 to $263,123 to reflect the completed work.
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 ORIGINAL AMOUNT
Maintenance of Erosion
NEW AMOUNT
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cash: $1,000
$1,000
Letter of Credit: $17,600
$17,600
Adopted by the City Council on August 16, 1993
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