HomeMy WebLinkAboutCity Council Resolution 1997-549RESOLUTION NO. 97 - 549
REDUCING REQUIRED FINANCIAL GUARANTEE
PLYMOUTH PONDS BUSINESS PARK ADDITION (95005)
WHEREAS, in accordance with the development contract dated June 20, 1995, Plymouth Ponds Limited
Liability Company, developer of Plymouth Ponds Business Park Addition (95005), has agreed to install
certain kq mvements 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 financial guarantee requirements are reduced as follows:
That the required financial guarantee for the above items remain as detailed at $989110 to reflect the
completed work. Letter of Cred- t No. 1615 must remain accordingly.
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ORIGINAL
NEW
AMOUNT
Street Construction
$37,775
$29,000
Co. Rd. 24 Right In/Right Out
21,000
21,000
Sanitary Sewer
51,717
10,343
Watermain
33,620
6,724
Storm Sewer
9,644
1,929
Boulevard and Drainage Swale Sod
900
900
Drainage Pond Construction
7,975
1,595
Mitigation Pond Construction
81500
8,500
Sediment Pond Construction
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Street Signs (I x 200)
200
200
Site Grading and Drainage Improvements
34,290
6,858
Park and Trail Improvements
4
4
Setting Iron Monuments
550
550
Design, Administration, Inspection, As-Builts
24.741
14m
TOTAL
$230,912
$98,110
That the required financial guarantee for the above items remain as detailed at $989110 to reflect the
completed work. Letter of Cred- t No. 1615 must remain accordingly.
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RESOLUTION NO, 97-549
MYMOUTH PONDS BUSINESS PARK ADDITION (MOOS)
POW 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:
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Maintenance of Erosion and Sediment
Control, Plan Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit:
51,000 $1,000
$45,500 $11,373
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at 51,000 cash with
the required frroncial guarantee being reduced from $45,500 to $11,373. Letter of Credit Nos. 1610 and
1623 may be reduced accordingly.
Adopted by the City Council on September 17, 1997.
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