HomeMy WebLinkAboutCity Council Resolution 1995-694RESOLUTION NO. 9S - 694
REDUCING REQUIRED FINANCIAL GUARANTEE
STEE MLECHASE STH ADDITION (90068)
WIRtEAS9 in &=Tdance with the development contract dated August 2, 1990, Lundgren Brothers
Construction. Inc., developer of Steeplechase 8th Addition (90068), has agreed to install certain
improvements for said development; and
WEaMEAS, 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 financial guarantee to reflect the
completed work;
NOW, THIMWORB, BE IT HEIMY RESOLVED BY THE CITY COUNCIL OF THE Cl iY OF
PLYMOUTH, MINNESOTA; that the financial guarantee requirements are reduced as follows:
M gl
Street Construction
Sanitary Sewer
Watermain
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
:v� )► v� 1�M1
S 4%000
$-0-
29,000
-0-
20,000
4
30,000
-0-
3,600
-0-
4
-0-
150
-0-
29,400
-0-
3,000
-0-
$173t768 $-0-
That the required financial guarantee for the. above items be reduced as detailed above from $672 to $0
aand to reflect the completed work. This letter of credit is identified as Letter of Credit No. 576 ait
can be reduced accordingly. The original letter of credit will be released by the Finance Department.
BR4M.DOC
J
RESOLUTION NO. 9S- 694
( STEEPLECHASE 8TH ADDITION (90068)
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:
RED
Maintenance of Erosion and Sediment
Control Plan Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit:
• sl
I 1111111WZT: W" ii,
$ 1,000 $-0-
$10,600 $-0-
FURTHM BE IT RESOLVED that the required financial guarantee for Maintenance of Erosion and
Sediment Control Plan, street sweeping, and storm sewer cleaning is reduced from $1,000 cash to $0
(zero) with Letter of Credit No. 577 being reduced from $1,000 to $0 (zero),. Remaining funds from the
cash deposit and the original letter of credit will be returned by the Finance Department.
Adopted by the City Council on November 14, 1995.
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