HomeMy WebLinkAboutCity Council Resolution 1996-703RESOLUTION NO. % - 703
REDUCING REQUIRED FINANCIAL GUARANTEE
PARK WOODS TOWNHOMES ADDITION (95127)
WHEREAS, in accordance with the development contract dated February 12, 1996, New Home Services,
Inc., developer of Park Woods Townhomes Addition (95127), has agreed to install mrtain improvements
for said development; and
WHEREAS, the d.-veloper 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, THERBFOPM, BE IT HEREBY 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 $180,032 to
$27,383 to reflect the completed work. The required financial guarantee may be reduced accordingly.
MTMUM MNt3SSs9712TI Mt.W0-951V.VW
ORIGINAL
NEW
EM
AMIOUNT
All14IM
Street Construction
$54,415
$10,883
Maintenance and Replacement of Temp. Road
20,000
-0-
Seal Coat Parking Ut
11750
19750
Parking Lot Striping
600
600
Sanitary Sewer System
40,564
-0-
Watermain System
35,651
-0-
Storm Sewer System
12,483
-0-
Boulevard and Drainage Swale Sod
31600
31600
NURP Pond Construction
14,000
500
Site Clearing and Protectiun
249010
-0-
Street Signs (200)
200
200
Park and Trail Improvements
71112
31556
Site Brading and Drainage Imp. *
136,750
2,735
Setting Iron Monuments
625
615
SUB -TOTAL
351,766
24,449
Design, Admin., Insp., As-Builts (12%)
42,212
7AM
TOTAL
$393,978
$27,383
That the required financial guarantee for the above items be reduced as detailed above from $180,032 to
$27,383 to reflect the completed work. The required financial guarantee may be reduced accordingly.
MTMUM MNt3SSs9712TI Mt.W0-951V.VW
J
RESOLUTION NO. 96- 703
PARK WOODS TOWNHOMES ADDITION (95127)
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
Cash:
Letter of Credit:
I' i
$1,000 $12000
$8,780 $89780
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 Maintenance Bond No. MNC2997.
Adopted by the City Counru on December 18, 1996.
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