HomeMy WebLinkAboutCity Council Resolution 1997-266RESOLUTION NO. 97 - 266
REDUCING REQUIRED FINANCIAL GUARANTEE
FRENCH RIDGE PARR ADDITION (9415'9)
WHEREAS, in accordaooe with the development contract dated July 27, 1993, JANCO, loc., developer of
French Ridge Park Addition (94139), has agreed to instal certain improvements for said development; and
wHBREAS, the developer has completed a portion of the stmt, utility and site pading as noted below;
and
WHEREAS, the developer has requested a reduction of the required financial guaramtee to reflect the
completed wort;
NOW, THEREFORE, BE IT HEREBY RESOLVE.) BY 11HB CITY COUNCIL. OF THE CITY OF
PLYMOUTH, MINNESOTA; that the financial guarantee requirements are reduced as follows:
rrNo „(4)►r
Street Construction
$235,160
$47,032
Sanitary sewer
1529000
4-
Watermain
1831300
4
Storm Sewer
76.490
-0-
Boulevard and Drainage Swale Sod
13400
49000
Mitigation Pond Construction
89378
8,378
(5 yrs. from date of pond completion)
Sediment Pond Construction
100000
4
Street Signs (3 x 200)
600
4
Site Grading and Drainage Improvements
229,622
100000
Park auJ Trall Improvements
8,734
-0-
Setting Iron Monuments
3,300
31500
Design, Administration, Inspection, As -Bunts
110.830
8,749
TOTAL
$1,034,414
$819659
That the required financial guarantee fnr the above items be reduced as detailed above from $88,003 to
$81,659 to reflect the completed work. Letter of Credit No. 122193 may be reduced accordingly.
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•
RESOLUTION N0.97- 266
.DRENCH RIDGE PARS ADDITION (94159)
Pap Two
FURTHER BE IT RESOLNBD that the financial guaramae requirements for the following items per
Section 8.1 of the approved development cow be reduced as follows:
rrM
Maintenance of Erosion and Sediment
Control Plan Street Sweeping and Storm
Sewer Cloning
Cash:
Letter of Credit No. 92195:
$10000 $1,000
$aLM $30,750
FURTHER BE 1T RESOLVED that the financial guarantee for the above items remain at $1000 crib with
the financial guarantee being reduced from $41.000 to $30,750. Letter of Credit No. 92195 may be
reduced accordingly.
Adopted by the City Council on May 79 1997.
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