HomeMy WebLinkAboutCity Council Resolution 1997-635•
RESOLUTION NO. 97 - 635
REDUCING REQUIRED FINANCIAL GUARANTEE
FERNBROOK WOODS 2ND ADDITION (94015)
WHEREAS, in accordance with the development contract dated February 24, 1995, Marvin H. Anderson
Corstruction, developer of Fernbrook Woods 2nd Addition (94018), has agreed to install certain
improvenants 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 development bond 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 arc reduced as follows:
1T�M
ORIGINAL
AM
NEW
Al►14T�1T
Street Construction (Does not include
$93,500
$-0-
City Proj. No. 213)
Sanitary Sewer
65,200
4
Watermain
509500
.)-
Storm Sewer
661200
4
Boulevard and Drainage Swale Sod
6 800
4
Mitigation Pond Come"ction
-0,
4
Sediment Pond Construction
10,000
4
Stm%.t Signs (3 x 2r0)
600
4
Site Grading and Drainage Improvements
165,000
6,750
Park and T. ail Improvements
-0-
-)-
Setting Iron Monuments
2,000
4
Design, Administration, Inspection, As-Builts
55.176
_M
TOTAL
$514,976
$7,560
That the Financial Guarantee required for the above items be reduced as detailed above from $0,464 to
$7,560 to reflect the completed work. The required Financial Guarantee may be reduced accordingly. In
this instance a cash deposit was submitted.
"Aft "fth w n+n.r:
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ZESOLUTION NO. 97-635
FERNBROOK WOODS 2ND ADDITION (94018)
Pace TWO
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items j tr
Section 8.1 of the approved development contract be reduced as follows:
EM
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning (includes Fernbrook Woods
Std Addition)
Cash:
Cash in lieu of Letter of Credit:
I• i
u 1011M „ I NO
$10000 $000
$21,500 $169125
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash with
the cash in lieu of a lettfr of credit being reduced from $21,500 to $16,125. The financial guarantee may
be reduced accordingly.
Adopted by the City Council on October 15, 1997.
N MdmMtlmlo! RM MWAN
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