HomeMy WebLinkAboutCity Council Resolution 1995-016RESOLUTION NO. 93- 16
REDUCING DEVEL DPME "T BOND
PINTAEL VHJ AS ADDITION (93055)
WHEREAS, in accordance with the development contract dated April 150 1994, The Rottlund Company,
Inc., developer of Pintail Villas Addition (93055), 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
WABREAS, the developer has requested a reduction of the development bond to reflect the completed
work;
u
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a� v�N//ST�W
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Street Construction
$259,936
$309963
Sanitary Sewer
40,633
-0-
Watermain
63,180
-0-
Storm Sewer
610681
-0-
Boulevard and Drainage Swale Sod
20900
29900
NURP Pond Construction (See File #93067)
-0-
-0-
Street Signs (2 x 200)
400
-0-
Site Grading and Drainage Improvements
526,548
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
19500
750
Design, Administration, Inspection, As-Bullts
114.813
AMA
TOTAL
$1,071,591
$38,767
That the financial guarantee required for the above items be reduced as detailed above from $113,513 to
$38,767 to reflect the completed work. In this instance, the developer submitted Bond No. 67458 for site
grading and drainage improvements in the amount of $541,361. It was subsequently reduced to $9,921 on
September 19, 1994 and now can be reduced to $-0- (zero). NOTE: Bonds must be 150% of the "New
Amount." Bond No. 67458 will be released by the Finance Department.
The Letter of Credit (No. 28434) for the remaining items detailed above is hereby reduced from $106,899
'o 538,767.
RESOLUTION N0.95- 16
PINTAII. VH.IM ADDITION (93055)
' 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:
Ivi
Maintenance of Erosion and Sediment
Control Plan Street Sweeping and Storm
Sewer Cleaning (See Grading Permit No. 55885
and 58883)
Cash:
Letter of Credit:
S1,000 $1,000
$14,000 $7,000
FURTHER BE 1r RESOLVED that the sanitary sewer, watermain, and storm sewer construction is
accepted for continual maintenance as of January 3, 1995 subject to the two year guarantee by the
developer per Maintenance Bond No. 400 N 7932.
Adopted by the City Council on January 3, 1995.