HomeMy WebLinkAboutCity Council Resolution 1995-195I:
RESOLUTION NO. 95-195
REDUCING DEVELOPMENT BOND
CURTIS LAKE ADDITION (90105)
WHHREAS, in accordance with the development contract dated June 17, 1991 and the supplemental pond
maintenance agreement dated June 170 1991, Blue and Gold Company, developer of Curtis Lake Addition
(90105), has agreed to install certain improvements for said development; and
WMWJW, the developer has completed a portion of the street, utility and site grading as noted below;
and
WF33REAS, the developer has requested a reduction of the development bond to reflect the completed
worn;
NOS I, TIMRBFORE, BE IT MMEBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PL CMOUTH, MMMOTA; that the bonding requirements are reduced as follows:
M L'
Street Construction (excluding Proj. No's 015/011)
Sanitary Sewer
Watenmain
Storm Sewer
Boulevard and Drainage Swale Sod
Pond or Ditch Construction
Street Signs
Site Grading and Drainage Improvements
Park and Trail Improvements
Design, Administration, Inspection, As-Builts
TOTAL
• C
: �,Loll) �V : v I JAM.
$83,500
$-0-
66,000
-0-
59,000
-0-
50,000
-0-
10,000
-0-
-0-
-0-
600
-0-
65,000
-0-
-0-
-0-
40,092
5374,192
That the the letter of credit required for the above items be reduced as detailed above from $1,120 to $0
(zero) to reflect the completed work. Letter of Credit No. 2788 may br, reduced accordingly and will be
released by the Finance Department.
•
RESOLUTION NO. 95-195
(, CURTIS LASE ADDITION (90105)
Pate Two
FURTHER BE IT RESOLVED that the bonding requirements for the following iteme 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 (See Grading Permit No. 42235
for required financial guarantees)
Cash:
Letter of Credit:
•
rNo • i I I.I : ,• j 1
$1,000 $1,000
$54,800 $ -0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash
with Letter of Credit No. 2787 being reduced from $5,000 to $CS (zero) and will be released by the
Finance Department.
Adopted by the City Council on March 21, 1995.