HomeMy WebLinkAboutCity Council Resolution 1995-200•
RESOLUTION NO. 95- 200
REDUCING DEVELOPNOM BOND
FORSTER PRESERVE PLAT 2 (940S7)
WHEREAS, in accordance with the development contract dated September 22, 1994, JANCO, Inc.,
developer of Forster Preserve Plat 2 (94057), 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 H=IMY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA; that the bonding requirements are reduced as follows:
IR
( Street Construction
Sanitary Sewer
Watermain
Stone Sewc
Boulevard and Drainage Swale Sod
Mitigation Pond Construction
Sediment Pond Construction
Street Signs (7 x 200)
Site Grading and Drainage Improvements
Park and Trail Improvcmenis
Setting Iron Monuments
Design, Admipitration, Inspection, As-Builts
TOTAL
�� • I►M :. u AM
$172,230
$50,000
1139200
22,640
93,725
18,745
58,145
11,629
9,800
91800
-0-
-0-
5,460
1,100
1,400
11400
134,800
26,960
-0-
-0-
3,800
11000
MLE
17,193
$6631667 $160,467
That the letter of credit required for the above items be reduced ss detailed above from $460,628 to
$160,467 to reflect the completed work. Perfonnance Bond No. 400 JM 2519 has been provided in the
amount of $690,942 (460,628 x 150%) a% the required financial guarantee for this project, it is hereby
reduced to $240,700 (160,467 x 150%).
F,
RESOLUTION NO. 95- "0
(. FORSTER PRESERVE PLAT 2 (94057)
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:
-4I
Maintenance of Erosion and Sediment
Control Plan Street Sweeping and Storm
Sever Cleaning (See Grading Permit No. 62328
for the required financial guarantees)
Cash:
Letter of Credit:
Adopted by the City Council on March 21, 1995
Is I CI
:v• na : • ) Vy
$-0- $-0-
$-0- $-0-