HomeMy WebLinkAboutCity Council Resolution 1996-540L
RESOLUTION NO. % - 540
REDUCING REQUIRED FINANCIAL GUARANTEE
HUNTERS BLUFF ADDITION (94145)
WHEREAS, in accordance with the development contract dated February 21, 1995, S.T. & M., Inc.,
developer of Hunters Bluff Addition (94145), 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 re -n'red financial guarantee to reflect the
completed work;
NOW, T1 itER WORE, BE IT MRUMY RESOLVED BY THE CITY COUNCIL OF TIM CITY OF
PLYMOUTH, MINNESOTA; that the financial guarantee requirements are reduced as follows:
7hat the required financial guarantee for the above items be reduced as detailed above from $23,072 to $0
to reflect the completed work. Letter of Credit No. 14303 may be reduced accordingly and will be
released by the Finance Department.
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ORIGINAL
ANDOUNT
NEW
AMQtIlYT
Street Construction
$60,000
$-0-
Sanitary Sewer
501000
-0-
Watermain
44,000
-0-
Storm Sewer
37,000
-0-
Boulevard and Drainage Swale Sod
11600
-0-
Mitigation Pond Construction
-0-
-0-
Sediment Pond Construction
7,500
-0-
Street Signs (i x 200)
200
-0-
Site Grading and Drainage Improvements
27,000
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
11500
-0-
Design, Administration, Inspection, As-Builts
22"
--Q--
TOTAL
TOTAL
S2S612S6
$-0-
7hat the required financial guarantee for the above items be reduced as detailed above from $23,072 to $0
to reflect the completed work. Letter of Credit No. 14303 may be reduced accordingly and will be
released by the Finance Department.
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•
RESOLUTION N0.96.540
AUNTERS BLUFF ADDITION (94145)
age 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:
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit:
%3 • 1wM : u • !►M I
511000 $10000
$4,200 $2,100
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash
with Letter of Credit No. 14302 being reduced from $4,200 to $2,100.
FURTHER BE IT RESOLVED that the street construction is accepted for continual maintenance as of
October 2, 1996, subject to the two year guarantee by the Developer per Maintenance Bond No. 7764769.
Adopted by the City Council on October 2, 1596.
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