HomeMy WebLinkAboutCity Council Resolution 1993-562RESOLUTION NO. 93-562
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:
Street Construction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Mitigation Pond Construction
Street Signs (3 x 200)
Site Grading and Drainage Improvements
Park and Trail Improvements
Setting Iron Monuments
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL AMOUNT
$ 109,519
NEW AMOUNT
$ 109,519
58,962
11,792
41,270
10,101
61,826
12,365
7,400
7,400
4,180
4,180
600
600
111,928
22,386
4,449
4,449
3,000
3,000
$ 451,510 $ 208,087
That the letter of credit required for the above items be reduced as detailed above
from $263,123 to $208,087 to reflect the completed work. Letter of Credit No. 28022-A
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
Cash:
Letter of Credit:
Adopted by the City Council on September 20, 1993.
$1,000 $1,000
$17,600 $17,600
0