HomeMy WebLinkAboutCity Council Resolution 1997-455•
RESOLUTION NO. 97 - 455
REDUCING REQUIRED FINANCIAL GUARANTEE
SHORES OF KRAETZ LAKE ADDITION (94135)
WHEREAS, in accordance with the development contract dated January 18, 1995, Shores of Krwtz Lake
Addition, developer of Abingdon Development Corporation (94135), has agreed to install certain
improvements for snid 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 development bond to reflect the completed work;
NOW, THEREFORE, 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 letter of credit required for the above items as detailed remain at $55,973. Bond No. 81049 may
remain at S839960 (SS50973 x 150%).
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ORIGINAL
AMOUNT
NEW
AKO
Street Construction
S 119,780
S 23,956
Sanitary Sewer
590680
4
Waterrnain
48,380
-0-
Storm Sewer
45,430
-)-
Boulevard and Drainage Swale Sod
3,200
3,200
Mitigation Pond Construction
4
-0-
NURP Pond Construction
6,750
6,750
Street Signs (2 x 200)
400
400
Site Grading and Drainage Improvements
61, I00
12,220
Park and Trail Improvements
1,450
1,450
Setting Iron Monuments
29000
2.000
Design, Administration, Inspection, As-Buiits
41.780
5.997
TOTAL
S 389,930
$ 35,973
That the letter of credit required for the above items as detailed remain at $55,973. Bond No. 81049 may
remain at S839960 (SS50973 x 150%).
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USOLUTION NO, 97 455
WHORES OF KRAETZ LAKE ADDITION (94135)
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 No. 28951-A:
i"W"PM
. 6 iffli l.r
$19000 51,000
$139000 $99750
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1.000 cash with
Letter of Credit No. 28951-A being reduced from $13,000 to $9.750. The financial guarantee may be
reduced accordingly.
Adopted by the City Council on August 6,1997.
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