HomeMy WebLinkAboutCity Council Resolution 1996-388RESOLUTION NO. 96 -388
REDUCING DEVELOPMENT BOND
BASS LAKE TERRACE 2ND ADDITION (91070)
WHEREAS, in accordance with the development contract dated December 16, 1991 and executed May
21, 1992, Vern Reynolds, developer of Bass Lake Terrace 2nd Addition (91070), 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 bonding requirements are reduced as follows:
That the letter of credit required for the above items be reduced as detailed above from $13,440 to $-0-
(zero) to reflect the completed work. Letter of Credit No. 9736 may be reduced accordingly and will be
released by the Finance Department
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ORIGINAL
NEW
ITEM
Al>LQIIMT
AMQUNT
Street Construction (Excluding Proj. No. 106)
$2809400
$-0-
Sanitary Sewer
120,600
-0-
Watermain (Excluding oversizing)
105,786
-0-
Storm Sewer (Excluding Proj. No. 106)
92,300
-0-
Boulevard and Drainage Swale Sod
16,200
-0-
Pond or Ditch Construction
-0-
-0-
Street Signs (5 x 150)
750
-0-
Site Grading and Drainage Improvements
-0-
-0-
(See Contract 90050)
Park and Trail Improvements
10-
10 -
Design. Administration, Inspection, As-Builts
73,9.24
TOTAL
$6899960
That the letter of credit required for the above items be reduced as detailed above from $13,440 to $-0-
(zero) to reflect the completed work. Letter of Credit No. 9736 may be reduced accordingly and will be
released by the Finance Department
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RESOLUTION NO. 96- 388
BASS LAKE TERRACE 2ND ADDITION (91070)
Par Two
FURTHER BE rr 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 (See grading permit
No. 27111 and Development
Contract 90050)
Cash:
Letter of Credit No. 9735:
Adopted by the City Council on July 24, 1996.
1 .
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$10000 $10000
$45,000 $22,500
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