HomeMy WebLinkAboutCity Council Resolution 1996-389RESOLUTION NO. % - 389
REDUCING REQUIRED FINANCIAL GUARANTEE
PARK WOODS TOWNHOMS ADDITION (95127)
W EUMtEAS, in accordance with the development contract dated February 12, 1996, New Home Services,
Inc., developer of Park Woods Townhomes Addition (95127), 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;
NOV, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA; that the financial guarantee requirements are reduced as follows:
That the required financial guarantee for the above items be reduced as detailed above from $393,978 to
$180,032 to reflect the completed work. The required financial guarantee may be reduced accordingly.
0:1ENWEVLMMM" 1I7AM0111"IV.DOC
ORIGINAL
NEW
EM
AMi2LmT
AMi?IIKT
Street Construction
$54,415
$54,415
Maintenance and Replacement of Temp. Road
20,000
20,000
Teal Coat Parking Lot
1,750
1,750
Parking Lot Striping
600
600
Sanitary Sewer System
40,564
-0-
Watermain System
35,657
-0-
Storm Sewer System
12,483
4
Boulevard and Drainage Swale Sod
3,600
3,600
NURP Pond Construction
14,000
2,800
Site Clearing and Protection
24,010
41822
Street Signs (200)
200
200
Park and Trail Improvements
7,112
39556
Site Grading and Drainage Imn."
136,750
68,375
Setting Iron Monuments
625
625
SUB -TOTAL
351,766
160,743
Design, Admin., Imp., As-Builts (12%)
42.212
19.289
TOTAL.
$393,978
$1809032
That the required financial guarantee for the above items be reduced as detailed above from $393,978 to
$180,032 to reflect the completed work. The required financial guarantee may be reduced accordingly.
0:1ENWEVLMMM" 1I7AM0111"IV.DOC
RESOLUTION NO, W389
PARK WOODS TOWNHOMES ADDITION (95127)
Page Two
FURTHER BE IT RESOLVED that the fmancial 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 Flan Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit:
Adopted by the City Council on July 24, 1996.
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$1,000 $1,000
$8,780 $8,780
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