HomeMy WebLinkAboutCity Council Resolution 1997-730•
RESOLUTION NO. 97 - 730
REDUCING REQUIRED FINANCIAL GUARANTEE
ORCHARDS OF PLYMOUTH ADDITION (94050)
WHEREAS, in accordance with the development contract dated November 9, 1994, ABINGDON
Development Corporation, developer of Orchards of Plymouth Addition (94050), has agreed to install certain
improvements for said development; and
WHEREAS, the developer has completed 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 THE CITY OF
PLYMOUTH, MINNESOTA; that the financial guarantee requirements are reduced as follows-
IMI
ollows:
I tui
ORIGINAL
AMOUNT
NEW
AMOUNT
Street Construction
5659000
5139000
Samkwv Sewer
90,200
-0-
Lift Stadan & Force Main
140,000
-0-
Watermain
47,625
-0-
Storm Sewer
259000
-0-
Boulevard and Drainage Swale Sod
4,000
1,200
Mitigation Pond Construction
-0-
-0-
NURP Pond Construction
4,928
-0-
Street Signs (2 x 200)
400
-0-
Site Grading and Drainage Improvements
659072
29000
Park and Trail Improvements
40-
-0-
Setting Iron Monuments
1,500
11500
Design, Administration, Inspection, As-Builts
53.247
2,124
TOTAL
5496,972
$19,624
That the required financial guarantee for the above items be reduced as detailed above from $41,263 to
519,824 to reflect the completed work. Subdivision Bond No. 81111 in the amount of $61,894 (541,263 x
1500A) as the required financial guarantee may be reduced to $29,736 ($19,824 x 150°%)
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'ESOLUTION NO. 97- 730
%)RCHARDS OF PLYMOUTH ADDITION (94050)
Pale Two
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per Section
&I of the approved development contract be reduced as follows:
3V I
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash:
Letter of Credit No. 28765-8:
ORIGINAL NEW
AMOUNT AMOUNT
$1,000 x1,000
$10,000 $59000
FURTHER BE IT RESOLVED that the financial guarantee for the above items remain at $1,000 cash with
Letter of Credit No. 28765-B being reduced to $5,000. The financial guarantee may be reduced accordingly.
..dopted by the City Council on December 3. 1997.
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