HomeMy WebLinkAboutCity Council Resolution 1995-742( RESOLUTION NO. 95 - 742
REDUCING REQUIRED FINANCIAL GUARANTEE
SHORES OF KRAETZ LAKE ADDITION (94135)
WHEREAS, in accordance with the development contract dated January 18, 1995, Shores of Kraetz Lake
Addtion, developer of Abingdon Development Corporation (94135), has agreod 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, IRMUWORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CrrY OF
PLYMOUTH, MINNESOTA; that the financial guarantee requirements are reduced as follows:
EUM
ORIGINAL
AM4�
NEW
AM4LW.
Street Construction
$ 119,780
$ 23,956
Sanitary Sewer
593680
119936
Watermaiui
48,380
9,656
Storm Sewer
45,430
91086
Boulevard and Drainage Swale Sod
3,200
3,200
Mitigation Pond Construction
-0-
-0-
NURP Dond Construction
6,750
65750
Street Signs (2 x 200)
400
400
Site Grading and Drainage Improvements
61,100
12,220
Park and Trail Improvements
1,450
11450
Setting Iron Monuments
2,000
21000
Design, Administration, Inspection, As -Bunts
41.780
2M
TOTAL
$ 389,950
$ 90,289
That the letter of credit required for the above items be reduced as detailed above from $389,950 to
$90,289 to reflect the completed work. Bond No. 81049 may he re+luced accordingly from $584,926
($389,950 x 150%) to $135,434 ($90,289 x 150%).
RESOLUTION N0.94- 742
( 3HORES OF KRAETZ LAKE ADDITION (94135)
Pap Two
FURTHER BE IT RESOLVED that the financial guarantee "irements 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
Cash:
Letter of Credit No. 28951-A:
Adopted by the City Council on December 5, 1995.
$1,000
$13,000
$1,000
$13,000