HomeMy WebLinkAboutCity Council Resolution 1995-158RESOLUTION NO. y 5
REDUCING DEVELOPN N BOND
GREENWOOD PONDS ADD17ION (91t',3"7)
WEDMAS, in accordance with the development contract dated June 16, 1992, Three Star Trucking and
Thomas Fisher, developer of Greenwood Ponds Addition (91057), 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
VJHEURA.S, the developer has requested a reduction of the development bond to reflect the completed
work;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE Cl"1"Y COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA; that the bonding requirements are reduced as follows:
rM
ORIGINAL
NEW
AM
ALS
Street Construction
$41,842
$* 4,184
Sanitary Sewer
18,900
*1,890
Watermain
19,500
*1,950
Storm Sewer (excluding City project No. 016)
60300
* 630
Boulevard and Drainage Swale Sod
2,000
400
Pond or Ditch Construction
-0-
-0-
Street Signs (2 x 130)
300
4
Site Grading and Drainage lhnprovements
50,000
-0-
PArk and Tmil Improvements
1,3:0
-0-
Design, Administration, Inspection, As-Pailts
mtm
1=
TOTAL
$156,981
$100140
That the letter of credit required for the above items remain as detailed above b; reduces from $20,410 to
$10,140 to re" -.t the completed work. Letter of CrAit No. 93-3 inay be roduced accordingly.
•
RESOLUTION NO. 45-158
{ 3REENWOOD PONDS ADDITION (91057)
!Page Two
FURTHER BE IT RESOLVED that the bonding requirements for the following item& per Section 8.1 of
the appmved development contract be reduced as follows:
m ORIGINAL NEW
AMOUNT AMQU�
Maintenance of Erosion and Sediment
Control Plan Street Sweeping and Storm
Sewer Cleaning
Cash: $1,000 $500
Letter of Credit No. 92-7: $9,400 $-0-
In accordance with Resolution No. 94-111 the improvements were accepted and pursuant to the
developer's request, a 10 % retainer is being held in the required development bond for the sanitary
sewer, watermain, storm sewer, street construction, and concrete curb and gutter in lieu of the
required maintenance bond. This money will be held until July 11, 1995 unless the developer
and/or his contractor submits a maintenance bond in the amount of $86,542 as a substitute for the
10% retainer.
Letter of Credit No. 92-7 is hereby reduced from $2,000 to $0 (aero) and will be released by the Finance
Department.
Adhipted by the City Council on March 7, 1995.