HomeMy WebLinkAboutCity Council Resolution 1996-702•
RESOLUTION NO. 9& 702
REDUCING REQUIRED FINANCIAL GUARANTEE
ROCMRD ESTATES ADDITION (93008)
WHEREAS, in accordance with the development contract dated September 30, 1993, Goff Homes, Inc.,
developer of Rockford Estates Addition (93008), 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 deve.oper 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:
That the letter of credit required for the above items be reduced as detailed above from $131,612 to
$449172 to reflect the completed work.
n:vuwuuvwKrmn�saoo�v�sew.uKaoo��,nor
r:
ORIGINAL
NEW
ITI�:I►1
AMOUNT
A�
Street Construction
$116,160
$23,232
Sanitary Sewer
45,229
-0-
Watermain
60,686
-0-
Storm Sewer
40,313
-0-
Boulevard and Drainage Swale Sod
61300
31000
Mitigation Pond Construction
-0-
-0-
Drainage Pond Construction
-0-
-0-
Street signs (3 x 200)
600
-0-
Site Grading and Drainage Improvements
63,537
12,707
Park and Trail Improvements
-0-
-0-
Setting Iron Monuments
3,000
500
Design, Administration, Inspection, As-Builts
40.299
I=
TOTAL
53760124
$44,172
That the letter of credit required for the above items be reduced as detailed above from $131,612 to
$449172 to reflect the completed work.
n:vuwuuvwKrmn�saoo�v�sew.uKaoo��,nor
r:
0
RESOLUTION NO. 9& 702
ROCMRD ESTATES ADDITION (93008)
Page Two
FURTHER RE IT RESOLVED that the bonding requirements for the following items per Section 8.1 of
the approved development contract be reduced as follows:
91
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 11513:
0,
U 1►r . u 1•r
$19000 $10000
$20,000 $20,000
FURTHER BE IT RESOLVED that the sanitary sewer, watermain, and storm sewer construction is
accepted for continual maintenance as of December 18, 1996 subject to the Two Year Guarantee by the
Developer per Certificate of Deposit No. 4300123437.
Adopted by the City Council on December 18, 1996.