HomeMy WebLinkAboutCity Council Resolution 1996-631•
RESOLUTION NO. 96.631
REDUCING DEVELOPMENT BOND
CAVAN MEADOWS ADDITION (93062)
WHEREAS, in accordance with the development contract dated February 2, 1994, Abingdon
Development Corporation, developer of Cavan Meadows Addition (93062), has agreed to install certain
improvements for :aid 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 development bond to reflect the completed
work;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA; that the bonding requirements are reduced as follows:
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ORIGINAL
AMOUNT
NEW
AMOUNT
Street Construction
$24,055
$-0-
(Except City Prof. No. 308)
Sanitary Sewer
20,060
-0-
Watermain
22,110
-0-
Storm Sewer
13,580
-0-
Boulevard and Drainage Swale Sod
11400
-0-
Mitigation Pond Construction
11400
-0-
Sediment Pond Consmetion
-0-
"0"
Street Signs (1 X 200)
200
-0.
Site Grading and Drainage Improvements
38,425
-0-
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
600
-0-
Design, Administration, Inspection, As -guilts
14,620
-0-
TOTAL
TOTAL
$136,450
$-0-
That the letter of credit required for the above items be reduced as detailed above from $986 to $0 (zero)
to reflect the completed work. Letter of Credit No. 1603 may be reduced accordingly and will be released
by the Finance Department.
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RESOLUTION NO. 96- 631
.AVAN MEADOWS ADDITION (93062)
Page Two
FURTHER BE IT RESOLVED that the bonding requirements for the following items per Section 8.1 of
the approved development contract be reduced as follows:
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Maintenance of Erosion and Sediment
Control Plan, Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit:
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$1,000 $-0-
$4,922 $-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. 1602 reduced from $2,461 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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