HomeMy WebLinkAboutCity Council Resolution 1997-548RESOLUTION NO. 97-548
REDUCING REQUIRED FINANCIAL GUARANTEE
GOLFVIEW ESTATES ADDITION (91047)
WHEREAS, in accordance with the development contract dated February 10, 1992 and revised February
24, 1992, Lowry Hill Development Company, developer of Golfview Estates Addition (91047). has
agteeu 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 IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA; that the bonding requirements are reduced as follows:
ITEM
ORIGINAL
AMOUNT
NEW
AMOUNT
Street Construction (Not incl. City Prof.
$215,700
$-0-
C.R. 9/11olly Lane)
Sanitary Sewer
159,710
-0-
Watermain
920475
4) -
Storm Sewer
120,307
-)-
Boulevard and Drainage Swale Sod
12,800
-0-
Mitigation Pond Construction
-0..
-0-
Street Signs (5 x 150)
750
4
Site Grading and Drainage Improvements
78,000
-)-
Park and Trail Improvements
4
-)-
Design, Administration, Inspection, As-Builts
81.569
&
TOTAL
$7619311
$0
That the letter of credit required for the above it :ms be redut.. ,l as detailed above from $1,120 to $0 (zero)
to reflect the completed % irk. The Financial Guarantee may be reduced accordingly and will be released
: y the Finance Department.
t `WINn0W%." S.4 !6.dmu &A
'WOUMON NO. 97-54
JOUVEM ESTATES ADDITION (91047)
Page Two
FURTHER BE Tf RESOLVED that the bonding requirements for the fohowung items per Section 8.1 of
the approved development contract be reduced as follows:
RM
Maintenance of Erosion and Sediment
Control plan, Street Sweeping, and Storm
Lower Cleuung
Cash:
Certificate of Deposit:
$1,000 $-0-
$42,800 S-0-
FURTHER
-a
FURTHER BE IT RESOLVED that the financial guarantee for the above items be reduced from $1,000
cash to $0 (zero) with the required financial guarantee being reduced from $5,000 to $0 (zero). The
financial guarantee may be reduced accordingly and will be released by the Finance Department except for
$500 accumulated administrative fee for violations of the erosion control plan.
Adopted by the City Council on September 17, 1997.
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