HomeMy WebLinkAboutCity Council Resolution 1997-731ACIOULUTION NO, 97 - 731
REDUCING REQUIRED FINANCIAL GUARANTEE
SHORES OF K AETZ LAKE ADDITION (94133)
WHEREAS, in accordance with the development contract dated January 18, 1995, Abingdon Development
Corporation, developer of Shores of Kraetz Lake Addition (94:35), 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 financial guarantee to reflect the completed work;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY fHE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA; that the financial guarantee requirements are reduced as follows:
That the required financial guarantee for the above items be reduced as detailed above from $55,973 to
$45,770 to reflect the completed work. In this ease Bond No. 81049 may be reduced from $83,960 ($55,973
x 150%) to 568,655 (545,770 x 150%).
a.+A"NowbeIcen.ni.ex
ORIGINAL
AMOUNT
NEW
ANS
Street Construction
S 119,780
S 239956
Sanitary Sewer
59,680
-0-
Watermain
48,380
-0-
Storm Sewer
45,430
-0-
Boulevard and Drainage Swale Sod
3,200
1,400
Mitigation Pond Construction
40-
-0-
NURP Pond Consauction
6,750
11000
Street Signs (2 x 200)
400
-0-
Site Grading and Drainage Improvements
6i,100
12,220
Park and Trail Improvements
1,450
290
Setting Iron Monuments
2,000
2,000
Design, Administration, Inspection, As-Builts
41.780
4.904
TOTAL
$399$50
S459770
That the required financial guarantee for the above items be reduced as detailed above from $55,973 to
$45,770 to reflect the completed work. In this ease Bond No. 81049 may be reduced from $83,960 ($55,973
x 150%) to 568,655 (545,770 x 150%).
a.+A"NowbeIcen.ni.ex
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ESOLUTION NO. 97- 731
SHORES OF KRAETZ LAKE ADDITION (94135)
Page Two
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per S xtion
8.1 of the approved development contract remain as follows:
ITEM ORIGINAL NEW
AMOUNT AMO01
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $1.000 $1,001)
Letter of Credit No. 28951-A: $13,000 $301)
Adopted by the City Council on December 3, 1997.
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