HomeMy WebLinkAboutCity Council Resolution 1997-323•
RESOLUTION NO, 97-323
RMUMG REQUIRM FINANCIAL GUARANTEE
FORSTER PRESERVE PLAT 2 (94057)
WHEREAS, in accordance with the development contract dated September 22, 1994. JANCO, Inc.,
developer of Forster Preserve Plat 2 (94057)9 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 required financial guarantee to reflect the
completed work;
NOW, THEREFORE, BE 1T HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA; that the financial guarantee requirements are reduced as follows:
IM
ORIGINAL
AMOUNT
NEW
AMOU14T
Street Construction tion
$1729230
$34,400
Sanitary Sewer
1139200
-0-
Watermain
931,725
-0-
Storm Sewer
589145
-0-
Boulevard and Drainage Swale Sod
90800
29400
Mitigation Pond Construction
-0-
-0-
Sediment Pond Construction
5,460
4
Sam Signs (7 x 200)
19400
4
Site Grading and Drainage Improvements
134.800
4
Park and Trail Implovements
4
4
Setting Iron Mommsents
3,800
4
Design, Administration, Inspection, As-Builts
2LM
4410
TO'T'AL
$6639667
$41,216
That the financial guarantee required for the above items be reduced as detailed above from $43,568 to
$41,216 to reflect the complotd work. Performance Bond No. 400 JM 2319 originally provided in the
amount of $690,942 (460,628 x 150%) as the required financial guarantee may be reduced to $61,824
($41,216 x 150%).
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RESOLUTION N0.97.323
FORSTER PRESERVE PLAT 2 (94057)
Page TWO
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per
Saxton 8.1 of the approved development contract be reduced as follows:
lM�
NLintenance of Erosion and Sediment
Control Plan Strut Sweeping and Storm
Sewer Cleaning (See Grading Permit No. 62328
for the regained financial guarantees)
Cash:
Financial Guarantee No. 400 JV 3364:
$16000 $1,000
$309000 $10,000
FURTHER BE IT RESOLVIM that the financial guarantee for the above items remain at $1,000 cash with
Financial Guarantee No. 400 JV 3364 being reduced from $13,000 to $10,000.
Adopted by the City Council on June 4, 1997.
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