HomeMy WebLinkAboutCity Council Resolution 1995-697•
RESOLUTION NO. 95 -697
REDUCING REQUUM FINANCIAL GUARANTEE
QUAIL HOLLOW ADDITION (93134)
WHEREAS, in accordance with the development contract dated January 11, 1994, Contractor Property
Developers Company, developer of Quail Hollow Addition (93134), 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 financial guarantee to reflect the
completed work;
NOW, THEREFORE, BB IT TMEBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MDMESOTA; that the financial guarantee requirements are reduced as follows:
ry
Street Construction
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Mitigation Pond Construction
Sediment Pond Construction
Street Signs (6 x 200)
Site Grading and Drainage Improvements
Park and Trail Improvements
Setting Iron Monuments
Design, Administration, Inspection, As-Builts
TOTAL
$173,405
$-0-
81,428
-0-
64,550
-0-
26,650
-0-
8,400
29400
-0-
-0-
3,5W
-0-
1,2W
-0-
101,500
-0-
-0-
-0-
-0-
-0-
55.276
�H$
$515,909 $2,688
That the required financial guarantee for the above items be reduced as detailed above from $60,865 to
$2,668 to reflect the completed work. Letter of Credit No. 940118-1A may be reduced accordingly.
•
RESOLUTION NO. 95- 697
( QUAIL HOLLOW ADDITION (93134)
Pate Two
FURTH 3R BE IT RESOLVED that the financial guarantee for the following items per Section 8.1 of the
approved development contract be reduced as follows:
MMET
Maintenance of Brmsion and Sediment
Control Plan Street Sweeping and Storm
Sewer Cleaning (see Grading Permit No. 57307
for financial guarantee requirements.)
Cash:
Letter of Cred?t:
rxi
$1,000 $19000
$299000 $14,500
FURTHER BE 1T RESOLVED that the sanitary sewer, watermain, and storm sewer construction is
accepted for con'.,nual maintenance as of November 14, 1995 subject to the Two Year Ouarantee by the
developer per Maintenance Bond No. JR 3033, and the street construction and concrete curb and gutter is
accepted for continual maintenance as of November 14, 1995 subject to the One Year Guarantee by the
developer per Maintenance Bond No. JR 3034.
Adopted by the City Cou• °1 on November 14, 1995.
It