HomeMy WebLinkAboutCity Council Resolution 1996-538RESOLUTION N0.96. 538
REDUCING REQUIRED FINANCIAL GUARANTEE
CHURCHILL FARMS 3RD ADDITION (92021)
WHEREAS, in accordance with the development contract dated April 299 1993, Lundgren Bros.
Construction, Inc., developer of Churchill Farms Yd Addition (92021), has agreed to install certain
improvements for said development; and
Wi133REAS, 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, THHRBFORS, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA; that the financial guarantee requirements are reduced as follows:
�4�� • u 1 1 � !�
Street Construction
$ 48,000
$ -0-
Sanitary Sewer
23,000
-0-
Watermain
18,000
-0-
Storm Sewer
5,500
-0-
Boulevard and Drainage Swale Sod
29000
-0-
Mitigation Pond Construction
-0-
-0-
Sediment Pond Construction
-0-
-0-
Street Signs (1 x 150)
150
-0-
Site Grading and Drainage Improvements
399100
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
-0-
-0-
Design, Administration, Inspection, As-Builts
16.290
-0-
TOTAL
TOTAL
$152,040
$ 4 -
That Cie required financial guarantee for the above items be reduced as detailed above from $1,120 to $0
(zero) to reflect the completed work. Letter of Credit No. 921009-1B may be reduced accordingly and
will be released by the Finance Department.
��r,b�rw�u�Krs+mi�o.nni.00c
RESOLUTION NO. 96- 538
CHURCHILL FARMS 31D ADDITION (92021)
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:
rrm
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit:
NO
$ 1,000 $-0-
$5,500
-0-
$5,500 $ -0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items is hereby reduced from
$1,000 cash to $0 (zero) with the required Letter of Credit No. 921009-IC(2) reduced from $10100 to $0
(zero). The cash was previously returned and the letter of credit will be released by the Finance
Department.
Adopted by the City Council on October 2, 1996.
�w+vaw.�i�seaHravmiun.ami.uoc