HomeMy WebLinkAboutCity Council Resolution 1996-629RESOLUTION NO. 96 -629
REDUCING REQUIRED FINANCIAL GUARANTEE
SUNSET VALLEY HOMES SECOND ADDITION (91051)
WIEM AS, in accordance with the development contract dated August 22, 1991, Sunset Valley Homes,
Inc., developer of Sunset Valley Homes Second Addition (91051), 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
VIZUREAS, the developer has requested a reduction of the required financial guarantee to reflect the
completed work;
NOW, TKMEFORE, BE IT HMMY 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 $4,778 to $0
(zero) to reflect the-rompleted work. Letter of Credit No. 1564 may be reduced accordingly and will be
released by the Finance Department.
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ORIGINAL
NEW
EI
AMOUNT
AMO
Street Construction
$21,330
S -0 -
Bituminous Curb - Sunset Trail
2,145
-0-
Sanitary Sewer
140010
-0-
Watermain
139345
-0-
Storm Sewer
39600
-0-
Boulevard and Drainage Swale Sod
21000
-0-
Pond or Ditch Construction
-0-
-0-
Street Signs (1 x 150)
150
-0-
Site Grading and Drainage Improvements
400000
-0-
Park and Trail Improvements
-0-
-0-
Design, Administration, Inspection, As-Auilts
11.590
-0-
10TAL
$108,170
$-0-
That the required financial guarantee for the above items be reduced as detailed above from $4,778 to $0
(zero) to reflect the-rompleted work. Letter of Credit No. 1564 may be reduced accordingly and will be
released by the Finance Department.
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RESOLUTION NO. 96- 629
iUNSET VALLEY HOMES SECOND ADDITION (91051)
Page Two
FURTHER BE rr RESOLVED that the financirl 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 No. MBP0323881:
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: u 1 !►4 :_u J►M
$1,000 $-0-
$19,000 S -0 -
FURTHER BE IT RESOLVED that the financial guarantee for the above items is hereby reduced from
S1,000 cash to $0 (zero) with the required Letter of Credit No. MBP0323881 reduced from $5,000 to $0
(zero). The letter of credit and all remaining funds will be released by the Finance Department.
Adopted by the City Council on November 20, 1996.
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