HomeMy WebLinkAboutCity Council Resolution 1997-590RESOLUTION NO. 97 - 390
REDUCING REQUIRED FINANCIAL GUARANTEE
ORCHARDS OF PLYMOUTH 2ND ADDITION (96093)
•
WHEREAS, in accorclanoe with the development contract dated Aug= 89 1996, Abingdon Development
Caporstions developer of Orchards of Plymouth V Addition (96093), has agreed to instal «Alin
improvements for said development; and
WHEREAS, the developer has completed a portion of the strcet. utility wad 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 TIRE CITY COUNCIL OF THE CITY OF
PLYMOUTH. MINNESOTA; that the financial guarantee requirements are reduced as follows:
That the regjimd financial guarantee for the above items be reduced as detailed stove f-om $77,056 to
$25,984 to reflect the completed work. Subdivision Bond No. %974 originally provided to the amount of
$115,584 ($77,056 x 150%) as the requited fuuancial guarantee may be reduced to $389976 (525,984 x 150%)
0*1.uov nMP. 7w &V
ORIGINAL
NEW
ITEM
A out
"'0
Street Constnrction
$18.000
$ 3,600
Sanitary Sewer
7.000
1,400
Watermain
8,500
1,700
Storm Sewer
4)-
-0-
Boulevard and Drainage Swale Sod
11000
1.000
Mitigation Pond Constriction
.0-
-0-
NURP Pond Construction
4)-
-0-
Street signs k0 x 200)
-0-
•0 -
Site Grading and Drainage Improvements
33,000
15,000
Park and Trail Improvements
4-
-0-
Setting Iron Monuments
500
500
Design, Administration, Inspection, As-Builts
8.256
I4
TOTAL
$ 77,056
S 25,984
That the regjimd financial guarantee for the above items be reduced as detailed stove f-om $77,056 to
$25,984 to reflect the completed work. Subdivision Bond No. %974 originally provided to the amount of
$115,584 ($77,056 x 150%) as the requited fuuancial guarantee may be reduced to $389976 (525,984 x 150%)
0*1.uov nMP. 7w &V
•
RESOLUTION NO. 97-590
ORCHARDS OF PLYMOUTH 2ND ADDITION (96093)
Page Two
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per Section
8.1 of the approved 0evelopmeut contract be reduced as follows:
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 28765-E:
$19000 $10000
$ 600 $ -o-
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1.000 cash with
the required financial guarantee being reduced from $600 to $0 (zero). Letter of Credit No. 28765-E may be
reduced accordingly and will be released by the Finance Department.
Adopted by the City Council on October 1, 1997.
r %w1H1x10MftM1kF1kd'W dee