HomeMy WebLinkAboutCity Council Resolution 1996-166F
RESOLUTION NO. 96-166
REDUCING REQUIRED F'INANCiAL GUARANTEE
F'ORSTER PRESERVE PLAT 2 (940M
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 RGCOI VED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA; that the financial guarantee requirements are reduced as follows:
ITEM
ORIGINAL
AMIZUN
NEW
AMOUNT
Street Construction
$172,230
$501000
Sanitary Sewer
113.200
-0-
Watermain
93,725
-0-
Storm Sewer
58,145
-0-
Boulevard and Drainage Swale Sod
91800
7,400
Mitigation Pond Construction
-0-
-0-
Sediment Pond Construction
51460
11100
Street Signs (I x 200)
1,400
-0-
Site Grading and Drainage Improvements
134,800
-0-
Park and Trail Improvements
-0-
-0•
Setting Iron Monuments
3,800
-0-
Design, Administration, Inspection, .ls-Builts
71.107
_7.626
TOTAL
$663,667
$65,520
That the fingtuial gua,antee required for the above items be reduced as detailed above from $157,779 to
$65,520 to reflect the completed work. Performance Bond No. 400 )M 2519 originally provided in thu
amount of $690,942 (460,628 x 150%) as the required financial guarantee for this project was previously
reduced to $236,669 (157,779 x 150%) and is hereby reduced to $98,280 ($6.5,320 x 150%).
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RESOLUTION NO. 96-166
JORSTER PRESERVE PLAT 2 (94057)
Pace 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:
FV
Maintenance of Erosion and Sediment
Control Plan Street Sweeping and Storm
Sewer Cleaning (See Grading Permit No. 62328
for the required financial guarantees)
Cash:
Financial Guarantee No. 400 JV 3364:
ORIGINAL NEW
AMOUNT
IM
$11000 $1,000
$309000 $22,650
FURTHER BE IT RESOLVED that the sanitary sewer, watentnain, and storm sewer construction is
accepted for continual maintenance as of March 20, 1996 subject to the Two Year Guarantee by the
Developer per the required Maintenance Bond. No. JR3107.
Adopted by the City Council on March 20, 1996.
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