HomeMy WebLinkAboutCity Council Resolution 1997-225•
RESOLUTION N0.97- 225
REDUCING REQUIRED FINANCIAL GUARANTEE
SAVANNAH ADDITION (93112)
WHEREAS, in accordance with the development contract dated June 229 1994, Lundgren Bros.
Construction, Inc., developer of Savannah Addition (93112), has agreed to instal 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 redaction of the required financial guarantee to reflect the
completed work;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOU'1 A. MINNESOTA; that the financial guarantee requirements are reduced as follows:
Street Construction
(Except City Proj. No's 213 & 907)
$99,660
$-0-
Sanitary Sewer
(Except City Proj. No's 213 & 907)
101,420
-0-
Watermain
(Except City Proj. No's 213 & 907)
80,410
4
Storm Sewer
42$70
4
Boulevard and Drainage Swale Sod
7,000
16000
Mitigation Pond Construction
91500
4
Sediment Pond Construction (Including wall)
149500
4
Street Signs (3 x 200)
600
4
Fite Grading and Drainage Improvements
(Except City Proj. No's 213 & 907)
164,000
-0
Park and Trail Improvements
4
4
Setting Iron Monuments
2,900
-)-
Design, Administration, Inspection, As -Guilts
62.707
M
TOTAL
$SU,267
$1,120
That the required financial guarantee for the above Items be reduced as detailed above ttom $5,488 to
11,120 to reflect the completed work. Letter of Credit No. 13279 may be reduced accordingly.
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RESOLUTION NO, 97- 225
SAVANNAS ADDITION (93112)
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FURTHER BE IT RESOLVED that the fiumia! guarantee requirements for the following items per
Section 8.1 of the approved development contrast be reduced as follows:
Iri
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 13277:
$11000 $11000
$45,500 $11,375
FURTHER BE IT RESOLVED that the finamial guarantee for the above items remain at $1,000 Cash with
the financial guarantee being reduced from $22,750 to $11,375. Letter of Credit No. 13277 may be
reduced accordingly.
Adopted by the City Coumil on April 16, 1997
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