HomeMy WebLinkAboutCity Council Resolution 1996-140RESOLUTION NO. % -140
REDUCING REQunIED FINANCIAL GUARANTEE
WALNUT GROVE POND ADDITION (94100)
WY..EREA.S, in accordance with the development contract dated May 31, 1995, Three Star Trucking,
developer of Walnut Grove Pond Addition (94100), 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:
ITEM
ORIGINAL
AMQIIriT
NEW
AMOUNT
Street Construction
$46,000
$9,200
Sanitary Sewer
48,000
91600*
Watermain
39,800
7,960*
Storm Sewer
23,000
41600*
Boulevard and Drainage Swale Sod
4,100
4040(,
Mitigation Pond Construction
-0-
-0-
Sediment PorA Construction
-0-
-0-
Street Signs (2 x 200)
400
400
Site Grading and Drainage Improvements
70,500
14,100
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
11200
10200
Deelgn, Administration, Inspection, As-Builts
27.29.
3A
TOTAL
$261,296
$32,816
That the required financial guarantee for the above items be reduced as detailed above from $50,503 to
$32,816 to reflect the completed work excluding the sanitary sewer, watermain and storm sewer
construction. The required financial guarantee may be reduced accordingly, and a separate financial
guarantee has been provided for the sanitary sewer, watermain, and storm sewer construction.
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RESOLUTION N0.96-140
WALNUT GROVE POND ADDITION (94104)
Fage Two
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items oer
Section 8.1 of the approved development contract be reduced as follows:
ITiNkni
Maintenance of Erosion and Sediment
Control Plan Street Sweeping and Storm
Sewer Cleaning (See grading permit for
financial guarantee requirements)
Cash:
Letter of Credit:
MOW
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$.0-
$-0-
FURTHER
-0-$-0-
FURTHER BE IT RESOLVED that the sanitary sewer, watermain and storm sewer construction is
accepted for continual maintenance as of March 6, 1996 subject to the Two Year Guarantee by the
developer per Letter of Credit No. 96-2 issued by the State Bank of Rogers.
Letter of Credit No. 96-2 has been provided in the amount of $22,160 per the developer's request in
lieu of the required maintenance bond.
Adopted by the City Council on March 6, 1996.
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