HomeMy WebLinkAboutCity Council Resolution 1996-632•
RESOLUTION NO. 96- 632
REDUCING REQUIRM FINANCIAL GUARANTEE
FORSTER PRESERVE PLAT 2 (94057)
WHEREAS, in accordance with the development contract dated September 22, 1994, JANCO, Inc.,
developer of Forster Preserve Plat 2 (94057), 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 THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA; that the financial guarantee requirements are reduced as follows:
EM
ORIGINAL
AMOUNT
NEW
AMOUNT
Street Construction
$172,230
$34,400
Sanitary Sewer
113,200
-0-
Watermain
93,725
-0-
Storm Sewer
58,145
-0-
Boulevard and Drainage Swale Sod
91800
31400
Mitigation Pond Construction
-0-
-0-
Sediment Pond Construction
5,460
1,100
Street Signs (7 x 200)
10400
-0-
Site Grading and Drainage Improvements
134,800
-0-
Park and Trail Improvements
.0-
-0-
Setting Iron Monuments
3,800
-0-
Design, Administration, Inspection, As-Builts
71'107
458
TOTAL
$663,667
$43,568
That the financial guarantee required for the above items be reduced as detailed above from $157,779 to
$43,568 to reflect the completed work. Performance Bond No. 400 JM 2519 originally provided In the
amount of $690,942 (1060,628 x 150%) as the required financial guarantee for this project was previously
reduced to $98,280 ($65,520 x 150%) and is hereby reduced to $65,352 ($43,568 x 150%).
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•
RESOLUTION NO. 96- 632
FORSTiER PRESERVE PLAT 2 (9406
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:
Maintenance of Erosion and Sediment
Control Plan Street Sweeping and Storm
Sewer Cleaning (See Grading Permit No. 62328
for the required financial guarantees)
Cash:
Financial Guarantee No. 400 JV 3364:
1' i
,_ 3 C11)�M
$10000 $1,000
$30,00a $159000
FURTHER BE IT RESOLVED that the fmancial guarantee for the above items remain at $1,000 cash
with Financial Guarantee No. 400 JV 3364 being reduced from $22,650 to $15,000.
Adopted by the City Council on November 20, 1996.
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