HomeMy WebLinkAboutCity Council Resolution 1997-6377
RESOLUTION NO. 97 - 637
REDUCING REQUIRED FINANCIAL GUARANTEE
HICKORY HILLS ADDITION (94091)
WHEREAS, in accordance with the development contract dated September 27, 1994, Prime Builders,
developer of Hickory Hills Addition (94091). 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 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 are reduced as follows:
1TE�
ORIGINAL
AMOUNT
NEW
ANQIM
Street Construction
$51,370
$-0-
Sanitary Sewer
-0-
4
Watermain
23,920
4
Storm Sewer
-0-
4
Boulevard and Drainage Swale Sod
3,800
4
Mitigation Pond Construction
3,000
4
Sediment Purl Construction
-0-
4
Street Signs (1 x 200)
200
4
Site Grading and Drainage Improvements
110,400
4
Park and Trail Improvements
11,648
-0-
Setting Iron Monuments
-0-
4
Design, Administration, Inspection, As-Builts
24.521
TOTAL
$228,859
That the required financial guarantee for the above items was previously reduced as detailed above to $0
(zero) to reflect the completed work.
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AMLMON NO, 97-07
MCKORY HU I ADDITION (94091)
Pap Two
FURTHER BE IT RESOLVED that the financial guarantee requirements for the fol )wing items per
Section 8.1 of the approved development contract be reduced as follows:
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 1SG&941OC:
ro
i
$1,000 $1,000
$28,745 $-0-
FURTHER BE 1T RESOLVED that the Financial guamvee for the above items retrain at $1,000 cash with
Letter of Credit No. 1506-9410C being reduced from $7,119 to $0 (zero). The financial guarantee may be
reduced accordingly and will be released by the Finance Department.
Adopted by the City Council on October 15, 1997.
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