HomeMy WebLinkAboutCity Council Resolution 1996-167•
RESOLUTION NO. 96- 167
REDUCING REQUIRED FINANCIAL GUARANTEE
COURTYARDS OF FRENCH CREEK ADDITION (93034)
WHEREAS, in accordance with the development contract dated May 11, 1993, The Courtyards of French
Creek. a Minnesota Partnership by Contractor Property Developers Company, its General Partner,
developer of Courtyards of French Creek (93034), 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:
11W
ORIGINAL
AMOUNT
NEW
AMOUNT
Street Construction
$74,312
$7,800
Sanitary Sewer
48,810
-0-
Watermain
40,923
-0-
Storm Sewer
30,600
-0-
Boulevard and Drainage Swale Sod
510W
800
Drainage Pond Construction
2,000
400
Street Signs (1 x 200)
200
-0-
Site Grading and Drainage Improvements
29,775
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
11875
-0-
Design, Administration, Inspection, As-Builts
28.019
.L=
TOTAL
$261,514
$10,080
That the required financial guarantee for the above items be reduced as detailed above from $28,627 to
$10,080 to reflect the completed work, Letter of Credit No. 930519-1A may be reduced acrordingly.
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RESOLUTION NO. 96- 1.67
'OURTYARDS OF FRENCH CREEK ADDPPION (93034)
Page 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:
m ORIGINAL
AMO O •Y AMOUNT
1►Y
Maintenance of Erosion and Sediment
Control Plan Street Sweeping and Storm
Sewer Cleaning
Cash: $1,000 $1,000
Letter of Credit No. 930519-1B: $11,930 $2,983
Adopted by the City Council on March 20, 1996.
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