HomeMy WebLinkAboutCity Council Resolution 1997-589•
RESOLUTION NO, 97 - 589
REDUCING REQUIRED FINANCIAL GUARANTEE
PLYMOUTH PONDS BUSINESS PARK ADDITION (95005)
WHEREAS, in accordance with the development contract dated June 20, 1995, Plymouth Pon& Limited
Liability Company, developer of Plymouth Ponds Business Park Addition (95005). 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 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 be reduced as detailed above from 598,110 to
$48,960 to reflect the completed work. This amount includes the maintenance guarantee for sanitary
sewer, watermain, storm sewer, and street construction. Letter of Credit No. 1615 may be :educed
.ordingly.
ORIGINAL
NEW
ITEM
AM
AMOUNT
Street Construction
$37,775
57,5550
Co. Rd. 24 Right In/Right Out
21,000
4,2000
Sanitary Sewer
51,717
1093430
Watermain
33,620
6,7240
Storm Sewer
9,644
1,9290
Boulevard and Drainage Swale Sod
900
900
Drainage Pond Construction
7.975
-0-
Mitigation Pond Construction
Q 300
81500
Sediment Pond Construction
'V
4) -
Street Signs (I x 200)
200
4
Site Grading and Drainage Improvements
349290
6.858
Park and Trail Improvements
40-
4
Setting Iron Monuments
550
4
Design, Administration, Inspection, As-Builts
7-4,741
1.951
TOTAL
$230,912
$48,960
That the required financial guarantee for the above items be reduced as detailed above from 598,110 to
$48,960 to reflect the completed work. This amount includes the maintenance guarantee for sanitary
sewer, watermain, storm sewer, and street construction. Letter of Credit No. 1615 may be :educed
.ordingly.
•
c.SOLUTION NO. 97-99
rLYMOLrrH PONDS BUSINESS PARK ADDITION (95M
ftvT"
FURTHER BE IT RESOLVED that the financial gtraravm r quiranetna for the following it= per
Section 8.1 of the approved development contract remain as follows:
tF5
Maimename of Erosion and Sediment
Control Plan, Saber Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of credit:
l• i
.NUT LOINI v Lr
$1,000 $1.000
$45,500 $11.375
FURTHER BE IT RESOLVED that the sanitary sewer, watermsin. storm sewer, and street construction is
accepted for continual maimenance as of October 1, 1997 subject to the two year guarantee by the
developer per Letter of Credit No. 1615 issued by the Anchor Bank of Wayzata.
A potion of Letter of Credit No. 1615 in the amount of $30,751 is to be kept in lieu of the required
maintenance bond per the developer's request.
Adopted by the City Council on October 1, 1997.