HomeMy WebLinkAboutCity Council Resolution 1993-734RESOLUTION NO. 93-734
REDUCING DEVELOPMENT BOND
HOLLY CREEK 2ND ADDITION (93096)
WHEREAS, in accordance with the development contract dated September 20, 1993,
developer of Scherber Partnership Properties, developer of Holly Creek 2nd
Addition (93096) 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:
FETA -.9
Street Construction (except City Proj. 308)
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Mitigation Pond Construction
Street Signs (2 x 200)
Site Grading and Drainage Improvements
Park and Trail Improvements
Setting Iron Monuments
Design, Administration, Inspection, As-Builts
TOTAL
$ 37,455
$ 7,490
53,220
-0-
52,519
-0-
28,327
-0-
6,000
6,000
39,600
7,920
400
400
132,610
13,261
13,260
7,956
2,500
1,250
43.907
5.313
$ 409,798 $ 49,590
That the letter of credit required for the above items be reduced as detailed
above from $154,243 to $49,590 to reflect the completed work. Letter of Credit
No. 10004416 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:
.7
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit:
Adopted by the City Council on November 15, 1993.
$1,000 $1,000
See Grading Permit No. 54775
for required Financial
Guarantee