HomeMy WebLinkAboutCity Council Resolution 1994-014RESOLUTION NO. 94-14
REDUCING DEVELOPMENT BOND
EAGLEWOOD ADDITION (92110)
WHEREAS, in accordance with the development contract dated April 12, 1993, Argus Development, Inc.
developer of Eaglewood Addition (92110), 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
$109,519
$29,546
Sanitary Sewer
58,962
11,792
Watermain
41,270
8,254
Storm Sewer
61,826
12,365
Boulevard and Drainage Swale Sod
7,400
7,400
Mitigation Pond Construction
4,180
4,180
Sediment Pond Construction
-0-
-0-
Street Signs (3 x 200)
600
600
Site Grading and Drainage Improvements
111,928
22,386
Park and Trail Improvements
4,449
4,449
Setting Iron Monuments
3,000
2,000
Design, Administration,
Inspection, As-Builts
48,376
12,357
TOTAL
$451,510
$115,329
That the letter of credit required for the above items be reduced as detailed above from $208,087 to
$115,329 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:
•
RESOLUTION NO. 94-14
ITEM ORIGINAL NEW
AMOUNT AMOi�_
Maintenance of Erosion and Sediment
Control Plan Stmt Sweeping and Storm
Sewer Cleaning
Cash: $1,000 $1,000
Letter of Credit: $17,600 $8,800
Adopted by the City Council on January 3, 1994