HomeMy WebLinkAboutCity Council Resolution 1993-771RESOLUTION NO. 93-771
REDUCING DEVELOPMENT BOND
AUTUMN HILLS ADDITION (92060)
WHEREAS, in accordance with the development contract dated August 30, 1993, Lundgren
Bros. Construct+.un, Inc., developer of Autumn Hills Addition (92060), 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 PT.YMOUTTi,
MINNESOTA; that the bonding requirements are reduced as follows:
FDM
Street Construction
Sanitary Sewer
Watermain (Excluding $32,000 for 18"
Watermain along Vicksburg Lane)
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
ORIGINAL AMOUNT
$ 118,000
NEW AMOUNT
$ 40,000
126,500
25,300
74,100
14,820
85,200
17,040
5,200
5,200
40,000
8,000
400
400
226,000
45,200
13,000
13,000
4,000
83.088
4,000
20.755
$ 775,488
$ 193,715
That the letter of credit required for the above items remain as detailed above from
$470,938 to $193,715 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:
0
Maintenance.of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning
Cash.-
Letter
ash:Letter of Credit No. 8513-U:
Adopted by the City Council on December 6, 1993.
$1,000 $1,000
$35,000 $17,500