HomeMy WebLinkAboutCity Council Resolution 1993-772RESOLUTION NO. 93-772
REDUCING DEVELOPMENT BOND
PLYMOUTH OAKS ADDITION (93078)
WHEREAS, in accordance with the development contract dated October 25, 1993, DAhlstrom
Companies, Inc., D.W. Peterson Homes, Inc. and Tony Eiden Company, developer of
Plymouth Oaks Addition (93078), 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
Drainage Pond Construction
Mitigation Pond Construction
Street Signs (4 x 200)
Site Grading and Drainage Improvements
Park and Trail Improvements
Setting Iron Monuments
Design, Administration, Inspection, As-Builts
TOTAL
ORIGINAL AMOUNT
$ 227,000
NEW AMOUNT
$ 158,900
130,000
26,000
81,000
16,200
44,000
8,800
8,000
81000
5,250
1,050
15,750
3,150
800
800
84,000
8,400
-0-
-0-
4,000
3,000
$ 671,776 $ 262,416
That the letter of credit required for the above items be redu,:ed as detailed above
from $671,776 to $262,416 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;
49
ORIGINAL AMOUNT NEW AMOUNT
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning (See Grading Permit No. 56606
for Required Financial Guarantees)
Cash: $1,000 $1,000
Letter of Credit: 28214-A, 29,000 29,000
Adopted by the City Council on December 6, 1993