HomeMy WebLinkAboutCity Council Resolution 1997-484C]
RESOLUTION NO. 97 - 484
REDUCING DEVELOPMENT BOND
SWAN LAKE SOUTH ADDITION (92112)
WHEREAS, in accordance with the development contract dated April 12, 1993, JANCO, Inc., developer of
Swan Lake South Addition (92112), 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 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 bonding requirements are reduced as follows:
That the letter of credit required for the above items remain as detailed above at $896 to reflect the completed
work. Letter of Credit No. S402109 shall remain as shown.
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ORIGINAL
NEW
AMOUNT
AMOUNT
Street Construction
$202,546
S -0 -
(Except City Pmj. No. 011)
Sanitary Sewer
105,092
-0-
Watermain
91,596
-0-
Storm Sewer
61,2;2
-0-
Boulevard and Drainage Swale Sod
13,000
800
Mitigation Pond Construction
1,020
-0-
Drainage Pond Construction
17,100
-0-
Street Signs (5 x 200)
1,000
-0-
Site Grading and Drainage Improvements
255,455
-0-
Park and Trail improvements
91150
-0-
Setting Iron Monuments
4,875
-0-
Design, Administration, Inspection, As-Builts
91,929
96
TOTAL
58589005
$896
That the letter of credit required for the above items remain as detailed above at $896 to reflect the completed
work. Letter of Credit No. S402109 shall remain as shown.
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RESOLUTION NO. 97 - 484
SWAN LAKE SOUTH ADDITION (92112)
Piga Two
FURTHER BE IT RESOLVED that the bonding requirements for the following items per Section 8.1 of the
approved development contract be reduced as Mows:
Maintenance of Erosion and Sediment
Control Plan. Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 122095:
i
$ 19000 $ 11000
$590000 $7,250
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash with
Letter of Credit No. 122095 being reduced from 514,500 to S7,250. The financial guarantee may be reduced
accordingly.
Adopted by the City Council on August 20,1997
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