HomeMy WebLinkAboutCity Council Resolution 1994-011RESOLUTION NO. 94-11
REDUCING DEVELOPMENT BOND
BOULDER RIDGE 2ND ADDITION (91010)
WHEREAS, in accordance with the development contract dated August 12, 1991, Krutzig Homes, Inc.
and Hillsborough Manor, Inc., developer of Boulder Ridge 2nd Addition (91010), 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:
ITEM
ORIGINAL
NEW
AMOUNT
AMOUNT
Street Construction
$28,100
$2,810
Zachary Turn Lane
4,300
-0-
Sanitary Sewer
20,500
-0-
Watermain
20,900
-0-
Storm Sewer
10,700
-0-
Boulevard and Drainage Swale Sod
5,000
-0-
Pond or Ditch Construction
-0-
-0-
Street Signs (1 x 150)
150
-0-
Site Grading and Drainage Improvements
76,000
-0-
Park and Trail Improvements
1,300
-0-
Design, Administration, Inspection, As-Builts
20,034
337
TOTAL
$186,984
$3,147
That the letter of credit required for the above items be reduced as detailed above from $13,440 to $3,147
to reflect the completed work. Letter of Credit No. 27623-A is hereby reduced accordingly.
RESOLUTION NO. 94-11
BOULDER RIDGE 2ND ADDITION (91010)
Page Two
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:
Maintenance of Erosion and Sediment
Control Plan Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 27623-B:
ORIGINAL NEW
AMOUNT AMOUNT
$ 1,000 $ 1,000
$15,000 $7,500
FURTHER BE IT RESOLVED that the street construction and concrete curb and gutter is accepted for
continual maintenance as of January 3, 1994, subject to the One Year Guarantee by the developer.
In lieu of the required maintenance bond the developer has requested that the City
retain a letter of credit in the amount of 10% of the street construction cost as a
maintenance guarantee for the one year period beginning January 3, 1994.
Adopted by the City Council on January 3, 1994.
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