HomeMy WebLinkAboutCity Council Resolution 1995-698( RESOLUTION NO. 914L 698
REDUCING REQUIRED FINANCIAL GUARANTEE
FORSTER PRESERVE PLAT 2 (940.57)
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 required financial 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 requiremer• :s are reduced as follows:
07
( Street Constructior.
Sanitary Sewer
Watermain
Storm Sewer
Boulevard and Drainage Swale Sod
Mitigation Pond Construction
Sediment Pond Construction
Street Signs (7 x 200)
Site Grading and Drainage Improvements
Park and Trail Improvements
Setting Iron Monuments
Design, Administration, Inspection, As-Builts
TOTAL
•, r .
F:'13(011J�• : v • 1111
$172,230
$50,000
113,200
22,640
93,725
18,745
58,145
11,629
9,800
7,400
-0-
-6-
5,460
1,100
19400
11400
134,800
26,960
-0-
-0-
3,800
11000
IL M
--um
$663,667 $157,779
That the financial guarantee required for the above items be reduced as detailed above from $160,467 to
$157,779 to reflect the completed work. Performance Bond No. 400 JM 2519 originally provided in the
amount of $690,942 (460,628 x 150%) as the required financial guarantee for this project was previously
reduced to $240,700 (160,461 x 150%) and is hereby reduced to $236,669 ($157,779 x 150%).
RESOLUTION No. 95-698
FORSTER PRESERVE MAT 2 040Sn
Ptge 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 Cleaning (See Grading Permit No. 62328
for the required financial guarantees)
Cash: $1,000 $10000
Financial Guarantee No. 400 JV 3364: $309000 $22,650
Adopted by the City Council on November 14, 1995