HomeMy WebLinkAboutCity Council Resolution 1997-683•
RESOLUTION NO. 97 - 683
REDUCING REQUIRED FINANCIAL GUARANTEE
THE PONDS AT BASS CREEK 31D ADDITION (96091)
WHEREAS, in accordance with the development contract dated August 8, 1996, McHumer Co., LLC,
developer of The Ponds at Bass Creek 3" Addition (96091), 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 THh CITY OF
PLYMOUTH, MINNESOTA; that the financial guarantee requirements are reduced as follows:
That the reg0red financial gt grantee for the above items be reduced as detailed above from $106,988 to
$509803 to reflect the complete; work. Letter of Credit No. 6076-896-D1 may be reduced accordingly.
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ORIGINAL
NEW
EM
"OUNT
AMOiIlVT
Street Construction
$ 60,920
$ 20,000
Sanitary Sewer
419860
8,380
Watermain
41,600
8,320
Storm Sewer
12,280
2,460
Boulevard and Drainage Swale Sod
4,600
4.000
Mitigation Pond Construction
600
600
Sediment Pond Construction
-0-
4
Street Signs (200)
4
4
Site Grading and Drainage Improvements
88,133
4
Park and Trail Improvements
1,935
4
Setting Iron Monuments
1,800
1,600
Design, Administration, Inspection, As-Builts
30,447
5.443
TOTAL.
$ 284,175
$ 501803
That the reg0red financial gt grantee for the above items be reduced as detailed above from $106,988 to
$509803 to reflect the complete; work. Letter of Credit No. 6076-896-D1 may be reduced accordingly.
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ESOLUTION NO. 97-M
THE PONDS AT BASS CREEK 311D ADDITION (96091)
Page Two
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per
Section 8.1 of the approved development contract be reduced as follows:
M M'_�i
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 6076-896-E:
$1,000 $1,000
$17,000 $ 8,500
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash
with Feuer of Credit No. 6076-896-E being reduced from 511.7,000 to $8,500. The financial guarantee
may be reduced accordingly.
Adopted by the City Council on November 5, 1997.
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