HomeMy WebLinkAboutCity Council Resolution 1993-718RESOLUTION NO. 93- 718
REDUCING DEVELOPMENT BOND
PARKERS LAKE NORTH 2ND (93067)
SHENANDOAH LANE EXTENSION
WHEREAS, in accordance with the development contract dated July 12, 1993, Laukka-
Williams Parkers Lake and the City of Minneapolis, developer of Parkers Lake North 2nd
Addition - Shenandoah Lane Extention, (93067), 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
compl:ted 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
Salvage Removal 6 Installation
Watermain
Storm Sewer
Median Landscaping 6 Irrigation
Boulevard and Drainage Swale Sod
Drainage Pond Mitigation Construction
Mitigation Pond Construction
Street Signs (1 x 200)
Site Grading and Drainage Improvements
Park and Trail Improvements
Setting Iron Monuments
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL AMOUNT
$ 229,013
NEW AMOUNT
$ 51,501
18,464
3,693
3,802
2,302
155,984
31,197
183,911
63,279
44,095
44,095
12,700
12,700
-0-
-0-
95,600
95,600
200
200
114,383
22,877
24,100
24,100
-0-
-0-
105.870
42.185
$ 988,122 $ 393,729
That the letter of credit required for the above items be reduced as detailed above
from $988,122 to $393,729 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:
C
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning (See Grading Permit
No. 54682 For The Required Financial
Guarantee)
Cash:
Letter of Credit:
Adopted by the City Council on November 1, 1993
$1,000 $1,000
$23,000 $23,000
•