HomeMy WebLinkAboutCity Council Resolution 1996-168•
RESOLUTION NO. 96 -168
REDUCING REQUIRED FINANCIAL GUARANTEE
SHORES OF KRAETZ LAKE ADDITION (94133)
WHEREAS, in accordance with the development contract dated January 18, 1995, Shores of Kraetz Lake
Addition, developer of Abingdon Development Corporation (94135), 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 development bond 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
ORIG[NAL
AMOU
NEW
AMOUNT
Street Construction
$ 119,780
$ 23,956
Sanitary Sewer
599680
-0-
Watermain
489380
-0-
Storm Sewer
45,430
-0-
Boulevard and Drainage Swale Sod
3,200
3,200
Mitigation Pond Construction
-0-
-0-
NURP Pond Construction
6,750
6,750
Street Signs (2 x 200)
400
400
Site Grading and Drainage Improvements
61,100
12,220
Park and Trail Improvements
11450
1,450
Setting Iron Monuments
21000
2,000
Design, Administration, Inspection, As-Builts
41.7
5,99.7
TOTAL
$ 389,950
$ 55,973
That the letter of credit required for the above items be reduced as detailed above from $90,289 to
$55,973 to reflect the completed work. Bond No. 81049 may be reduced accordingly from $135,434
($90,289 x 150%) to $83,960 ($551973 x 150%).
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•
RESOLUTION NO. 96- 168
SHORES OF KRAETZ LAKE ADDITION (94135)
Page Two
F. HER 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:
Y v
Maintenance of Erosion and Sediment
Control Plan Saut Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 28951-A:
•• 1
$10000 $1,000
$13,000 $13,000
FURTHER BE IT RESOLVED that the sanitary sewer, watermain, and storm sewer construction is
accepted for continual maintenance as of March 20, 1996 subject to the Two Year Guarantee by the
Developer per Maintenance Bond No. S 209545.
Adopted by the City Council on March 20, 1996.
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