HomeMy WebLinkAboutCity Council Resolution 1996-572RESOLUTION NO. 96 - 572
REDUCING REQUIRED FINANCIAL GUARANTEE
PLUM TREE 2ND ADDITION (96103)
WHEREAS, in accordance with the development contract dated August 22, 1996, Lundgren Brothers
Construction, Inc., developer of Plum Tree tad Addition (96103), 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;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY MIS 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 $475,901 to
$251,820 to reflect the completed work. The required financial guarantee may be reduced accordingly.
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ORIGINAL
NEW
ITEM
AMQ[IrIT
ALiOM
Street Construction
$ 60,720
$ 60,720
Sanitary Sewer
20,100
20,100
Watermain
390980
39,980
Storm Sewer
4111711
41,170
Boulevard and Drainage Swale Sod
3,800
31800
Mitigation Pond Construction
39000
39000
NURP Pond Constructicn
71000
10400
Street Signs (1 x 200)
200
200
Site Grading and Drainage Improvements
223,000
44,600
Park and Trail Improvements
81350
8,350
Setting Iron Monuments
11520
10520
Design, Administration, Inspection, As-Buiits
49.061
26.980
TOTAL
$ 475,901
$ 251,820
That the required financial guarantee for the above items be reduced as detailed above from $475,901 to
$251,820 to reflect the completed work. The required financial guarantee may be reduced accordingly.
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•
RESOLUTION NO. 96- 572
PLUM TREE rD ADDITION (96103)
Page Two
FURTHER BE 1T 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 for Financial
Guarantee Requirements)
Cash:
Letter of Credit:
Adopted by the City Council on October 16, 1996.
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