HomeMy WebLinkAboutCity Council Resolution 1997-680•
RESOLUTION NO. 97 - 680
REDUCING REQUIRED FINANCIAL GUARANTEE
ROCKFORD GLEN ADDITION (94155)
WHEREAS, in accordance with the development contract dated August 8, 1995, Janco, Inc. and Rottlund
Company, Inc. and Arnold J. Wentland and Janet E. Wentland, developers of Rockford Glen Addition
(94155), 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. tht 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:
IMI
ORIGINAL
ANDES
NEW
AMOUNT
Street Construction
5240.E
$48,000
(excluding City Proj. No's 502 & 503)
Sanitary $eWer
226,000
45,200
(excluding City Proj. No's 502 & 503)
Watermain
226,000
45,200
(excluding City Proj. No's 502 & 503)
Storm Sewer
133,750
26,750
Boulevard and Drainage Swale Sod
12,400
11100
Mitigation Pond Construction
18,000
180000
NURP Pond Construction
14,000
2,800
Street Signs (6 x 200)
1,200
4
Site Grading and Drainage Improvements
3579000
2,000
Park and Trail Improvements
4
4
Setting Iron Monuments
6,650
4.620
Design, Administration, Inspection, As-Builts
148.200
23.240
TOTAL
$19383,200
$216,910
That the required financial guarantee for the above items be reduced as detailed above from $314,910 to
$216,910 to reflect the completed work. In this case bonds were submitted for the financial guarantee.
fond Nos. 86541 and 86549 may be reduced to a total of $325,365 ($216,910 x 150% = $325,365)
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"'ESOLUTION NO, 97-M
KOCKFORD GLEN ADDITION (941SS)
Page Two
FURTHER BE IT RESOLVED that the financial guarantee cepirewnts for the following items per
Section 8.1 of the approved development cowract be reduced as follows:
Maiotenme of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Cash in lieu of a letter of credit:
$1,000 $1,000
$30,050 $10,000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash
with the cash in lieu of a letter of credit being reduced from $30,050 to $10,000. The financial guarantee
may be reduced accordingly.
Adopted by the City Council on November S, 1997.
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