HomeMy WebLinkAboutCity Council Resolution 1993-795CITY OF PLYMOUTH
RESOLUTION NO. 93-795
REDUCING DEVELOPMENT BOND
NORTHFORK ADDITION (89016)
WHEREAS, in accordance with the development contract dated October 2, 1989, Jack L.
Swedlund and Betsy A. Swedlund A.K.A. Betsy Ann Held, developer of Northfork Addition
(89016), 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 (Does not include Co. Rd. 9
Trunk Watermain)
Storm Sewer
Boulevard and Drainage Swale Sod
Pond or Ditch Construction
Street Signs
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inskection, As-Builts
TOTAL
$ 57,000
$ -0-
48,000
-0-
31,000
-0-
30,000
-0-
3,200
-0-
-0-
-0-
300
-0-
22,000
-0-
-0-
22.980
-0-
-0-
$ 14,480
$ -0-
That the letter of credit required for the above items be reduced as detailed above
from $7,056 to $0 (zero) reflect the completed work. Letter of Credit No. 7796 may be
reduced accordingly and will be returned by the Finance Department.
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:
ITEM
Maintenance of Erosion
and Sediment Control Plan
Street Sweeping and Storm
Sewer Cleaning (See Grading Cash;
Permit NO. 21785 Letter of Credit;
for required financial guarantee).
ORIGINAL AMOUNT NEW AMOUNT
$-0- $-0-
$-0- $-0-
FURTHER BE IT RESOLVED that the street construction and concrete curb and gutter was
previously accepted for continual maintenance as of August 2, 1993 subject to the One
Year Guarantee by the Developer.
* In lieu of the required maintenance bond the developer requested that the City
retain a letter of credit in the amount of 1Oz of the street construction cost as a
maintenance guarantee for the one year period beginning August 2, 1993. The
contractor has now submitted the required maintenance bond and the developer's
letter of credit is hereby reduced accordingly. The Maintenance Bond (No. 3-155-
345) will continue through December 3, 1994.
Adopted by the City Council or December 20, 1993