HomeMy WebLinkAboutCity Council Resolution 1997-2620
RESOLUTION NC', 97- 262
REDUCING REQUIRED FINANCIAL GUARANTEE
AUTUMN FM J ADDITION (92060)
WHEREAS, in accordance with the development contract dated August 309 1993, Lundgren Bros.
Construction, Inc., developer of Autumn Hills Addition (92060), 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 financial guarantee to reflect the completed
work;
NOW, THEREFORE, BE IT HRREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA; that the financial guarantee requirements are reduced as follows:
IZ
ORIGINAL
AMOUNT
NEW
AMOUNT
Street Construction
$1180000
$-0-
Sanitary Sewer
126,500
-0-
Watermain (excluding $32,000 for 18 inch
74,100
-0-
watermain along Vicksburg Ln.)
Storm Sewer
85,200
4
Boulevard and Drainage Swale Sod
5.200
-)-
Mitigation Pond Construction
40,000
4
Street Signs (2 x 200)
400
4
Site Grading and Drainage Improvements
226,000
-)-
Park and 'Mil Improvements
139000
4) -
Setting Iron Monuments
4,000
4
Design, Administration, Inspection, As-Builts
83.088
-Q--
TOTAL
$773,488
$-0-
That the requited financial guarantee for the above items be reduced as detailed above from $2,240 to $0
(zero) to reflect the completed work. Letter of Credit No. 12027 may be reduced accordingly and will be
released by the Finance Department.
L'
RESOLUTION No, 97-262
AUTUMN HILLS MM)
Pop Two
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per
Section B.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 No. 8513-U:
F-160111" .kJ01.04
$1,000 $-0-
$359000 $-0-
FURTHER BE IT RESOLVED that the financial guarantee for the above items be reduced from $1,000
cash to $0 (zero) and Letter of Credit No. 8313-U from $7,000 to $0 (zero). The financial guarantee may
be reduced accordingly and will be released by the Finance Department.
Adopted by the City Council on May 79 1997.
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