HomeMy WebLinkAboutCity Council Resolution 1996-048•
RESOLUTION NO. 96 - 48
REDUCING REQUIRED FINANCIAL GUARANTEE
FRENCH RIDGE PARK ADDITION (94159)
WHEREAS, in accordance with the development contract dated July 27, 19950 JANCO, Inc., developer
of French Ridge Park Addition (94159), 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 requirements are reduced as follows:
That the required financial guarantee for the above items be reduced as detailed above ftom $310,090 to
5233,977 to reflect the completed work. Letter of Credit No. 122195 may be reduced accordingly,
OARNMVIA1RMIA I SARMOOPM1 WOW
ORIGINAL
NEW
ITEM
AMOUNT
AM4LirIT
Street Construction
$235,160
$141,096
Sanitary Sewer
152,000
-0-
Waw main
185,500
-0-
Storm Sewer
76,490
-0-
Boulevard and Drainage Swale Sod
13,600
13,600
Mitigation Pond Construction
8,378
81378
(5 yrs. from date of pond completion)
Sediment Fond Construction
10,000
10,000
Street Signs (3 x 200)
600
600
Site Grading and Drainage Improvements
2299622
23,000
Park and Trail Improvements
8v734
8,734
Setting Iron Monuments
3,500
31500
Desigi.t, Administration, Inspection, As-Builts
1108330
25.068
TOTAL
$1,034,414
$233,977
That the required financial guarantee for the above items be reduced as detailed above ftom $310,090 to
5233,977 to reflect the completed work. Letter of Credit No. 122195 may be reduced accordingly,
OARNMVIA1RMIA I SARMOOPM1 WOW
•
USOLUTION NO, W 48
FRENCH RIDGE PARK ADDITION (94159)
Pap 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
Cash:
Financial Guarantee:
1. 1
rxiLliela :u1 1►YI
$1,000 $1,000
$41,000 $41,000
FURTHER BE IT RESOLVED that the sanitary sewer, watermain, and storm sewer construction is
accepted for continual maintenance as of January 23, 1996 subject to the Two Year Guarantee by the
Developer per Maintenance Bond No. JR 3068.
Adopted by the City Council on January 23, 1996.
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