HomeMy WebLinkAboutCity Council Resolution 1997-5880
RESOLUTION NO. 97 - 588
REDUCING REQUIRED FINANCIAL GUARANTEE
SHORES OF KRAETZ LAKE ADDITION (94135)
WHEREAS, in accordance with the development contract dated January 189 1995, Abingdon Development
Corporadon, developer of Shores of Krutz Lake Addition (94135), 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 belovw, 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 C#_ 'w', IL OF THE CITY OF
PLYMOUTH, MINNESOTA; that the fin9ncial guarantee requirements are fed" %. as follows:
MN
ORIGINAL
AMOUNT
NEW
AMOUNT
Street Construction
S 119,780
S 23,956
aanitary Sewer
599680
-0-
Watermain
489380
-0-
Storm Sewer
45,430
-0-
Boulevard and 1haknage Swale Sod
3.200
3,200
Mitigation Pcnd Construction
-0-
-0-
NURP Pond Construction
6,750
6,750
Street Signs (2 x 200)
400
400
Site Grading and Drainage Improvements
61,100
12,220
Park and Trail Improvements
1,450
1.450
Setting Iron Monuments
2.000
2,000
Design, Administration, inspection, As-Builts
41.780
5.997
TOTAL,
S3899930
S SSS97 s
That the letter of credit required for the above items as detailed remain at S55,^73. Bond No. 81049 may
amain at $83,960 ($55,973 x 1501/6).
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'tESOLUTION NO, 97-588
SHORES OF KRAETZ LAKE ADDITION (94135)
Page Two
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per Section
8.l of the approved development contract be reduced as follows:
ME]
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 28951-A:
51,000 510000
$13,000 53,250
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at 51,000 cash with
Letter of Credit No. 28951-A being reduced from 59.750 to 53,250. The financial guarantee may be reduced
accordingly.
Adopted by the City Council on October 1, 1997.
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