HomeMy WebLinkAboutCity Council Resolution 1995-628RESOLUTION NO. 93- 628
REDUCING REQUIRED FINANCIAL GUARANTEE
SAVANNAH ADDITION (93112)
WHEREAS, in accordance with the development contract dated June 22, 1994, Lundgren Bros.
Construction, Inc., developer of Savannah Addition (93112), 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 required finaucial guarantee to reflect the
completed work;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA; that the financial guarantee requirements are reduced as follows:
1�BM
ORIGINAL
AM4V1`IT
NEW
AMQyNT
Street Constriction
(Except City Proj. No's 213 & 907)
$99,660
517,245
Sanitary Sewer
(Except City Proj. No's 213 & 907)
101,420
-0-
Watermain
(Except City Proj. No's 213 & 907)
80,410
-0-
Storm Sewer
42,570
-0-
Boulevard and Drainage Swale Sod
7,000
2,000
Mitigation Pond Construction
90500
.0 -
Sediment Pond Construction (Including wall)
14,500
2,900
Street Signs (3 x 200)
600
.0 -
Site Grading and Drainage Improvements
(Except City Proj. No's 213 & 907)
164,000
-0-
Park and Trail Improvements
-0.
.0 -
Setting Iron Monuments
20900
-0-
Design, Administration, Inspection, As-Builts
62.707
2.657
TOTAL
$585,267
$24,802
That the required financial guarantee for the above items be reduced as detailed above from $146,882 to
$24,802 to reflect the completed work, Letter of Credit No. 13279 may be reduced accordingly.
•
RESOLUTION NO. 95- 628
SAVANNAH ADDITION (93112)
Page Two
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items 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 Clear'ag
Cash: $1,000 $1,000
Letter of Credit: $45,500 $22,750
Adopted by the City Council on October 24, 1995